The Resolution Professional (RP) filed an application, IA (IBC) 959/2023, stating that the personal guarantor had not submitted a repayment plan. The RP's report indicated that despite being given an opportunity, the personal guarantor failed to provide the required plan. This failure to submit a repayment plan was a critical factor in the proceedings.

The record further showed that the financial creditor had served notice to the personal guarantor before the present application was filed. Given these circumstances, the National Company Law Tribunal (NCLT) admitted the application under Section 100 of the Insolvency and Bankruptcy Code, 2016. Following the admission, the NCLT ordered a moratorium in terms of Section 101 of the Code.

The Resolution Professional (RP) filed an application, IA (IBC) 959/2023, stating that the personal guarantor had not submitted a repayment plan. The RP's report indicated that despite being given an opportunity, the personal guarantor failed to provide the required plan. This failure to submit a repayment plan was a critical factor in the proceedings.

The record further showed that the financial creditor had served notice to the personal guarantor before the present application was filed. Given these circumstances, the National Company Law Tribunal (NCLT) admitted the application under Section 100 of the Insolvency and Bankruptcy Code, 2016. Following the admission, the NCLT ordered a moratorium in terms of Section 101 of the Code.