The case pertains to an application filed under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, read with Rule 7(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019, by LIC HFL Trustee Private Company Private Limited and Vistra ITCL (India) Limited, seeking to initiate insolvency resolution process against Mr.B. Nirmal Kumar, the Personal Guarantor of JBM Homes Private Limited.
LIC HFL Trustee Company Private Limited and Vistra ITCL (India) Limited filed an application under Section 95(1) of the IBC against Mr.B. Nirmal Kumar, the Personal Guarantor of JBM Homes Private Limited.
The application was filed due to a default on optionally fully convertible debentures (OFCDs) issued by JBM Homes Private Limited.
The Financial Creditors claimed that the PG/ Respondent are liable to pay a sum of Rs.98,64,37,800.00/- covering principal amount together with interest as on 07.09.2021
The Respondent/Personal Guarantor raised objections regarding the application's maintainability, citing insufficient details, limitation issues, and the proposed Resolution Professional's disqualification.
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The case pertains to an application filed under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, read with Rule 7(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019, by LIC HFL Trustee Private Company Private Limited and Vistra ITCL (India) Limited, seeking to initiate insolvency resolution process against Mr.B. Nirmal Kumar, the Personal Guarantor of JBM Homes Private Limited.
LIC HFL Trustee Company Private Limited and Vistra ITCL (India) Limited filed an application under Section 95(1) of the IBC against Mr.B. Nirmal Kumar, the Personal Guarantor of JBM Homes Private Limited.
The application was filed due to a default on optionally fully convertible debentures (OFCDs) issued by JBM Homes Private Limited.
The Financial Creditors claimed that the PG/ Respondent are liable to pay a sum of Rs.98,64,37,800.00/- covering principal amount together with interest as on 07.09.2021
The Respondent/Personal Guarantor raised objections regarding the application's maintainability, citing insufficient details, limitation issues, and the proposed Resolution Professional's disqualification.
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The CD defaul…