These are a batch of five Company Appeals (315/2024, 316/2024, 319/2024, 320/2024, 321/2024) arising from a common impugned order dated 19.07.2024 passed by the NCLT, Hyderabad. The appeals are filed by personal guarantors against the rejection of their applications to recall an earlier order dated 07.02.2024, which granted liberty to the financial creditor to initiate bankruptcy proceedings against them. The NCLT had approved repayment plans on 13.09.2023, but the appellants allegedly failed to comply with the terms. The financial creditor then filed applications seeking initiation of bankruptcy proceedings, leading to the current appeals.
The appellants are personal guarantors to Chadalvada Infratech Limited, the principal borrower. Due to defaults in financial dues, the borrower was admitted into the Corporate Insolvency Resolution Process (CIRP) on 23.09.2021. The IBBI regulations for personal guarantors came into effect on 20.11.2019. Demand notices were issued to the appellants on 21.10.2021. The financial creditor filed Company Petitions under Section 95 of the I&B Code. The NCLT granted an interim moratorium on 20.04.2022, appointed a Resolution Professional (RP), and directed the RP to submit a report. The RP issued a public notice inviting claims and asked the appellants to prepare a repayment plan. The appellants submitted repayment plans on 15.08.2022. The NCLT approved the repayment plans
…Sign in to view the parties.
Principal borrower…
IBBI (Insolvency Resolution Process for…
These are a batch of five Company Appeals (315/2024, 316/2024, 319/2024, 320/2024, 321/2024) arising from a common impugned order dated 19.07.2024 passed by the NCLT, Hyderabad. The appeals are filed by personal guarantors against the rejection of their applications to recall an earlier order dated 07.02.2024, which granted liberty to the financial creditor to initiate bankruptcy proceedings against them. The NCLT had approved repayment plans on 13.09.2023, but the appellants allegedly failed to comply with the terms. The financial creditor then filed applications seeking initiation of bankruptcy proceedings, leading to the current appeals.
The appellants are personal guarantors to Chadalvada Infratech Limited, the principal borrower. Due to defaults in financial dues, the borrower was admitted into the Corporate Insolvency Resolution Process (CIRP) on 23.09.2021. The IBBI regulations for personal guarantors came into effect on 20.11.2019. Demand notices were issued to the appellants on 21.10.2021. The financial creditor filed Company Petitions under Section 95 of the I&B Code. The NCLT granted an interim moratorium on 20.04.2022, appointed a Resolution Professional (RP), and directed the RP to submit a report. The RP issued a public notice inviting claims and asked the appellants to prepare a repayment plan. The appellants submitted repayment plans on 15.08.2022. The NCLT approved the repayment plans
…Principal borrower…
IBBI (Insolvency Resolution Process for…