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 in redeeming Optionally Fully Convertible Debentures (OFCDs) by JBM Homes Private Limited.
The Financial Creditors claimed that Mr.B. Nirmal Kumar, as the Personal Guarantor, is liable to pay Rs.98,64,37,800.00/-.
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 in redeeming Optionally Fully Convertible Debentures (OFCDs) by JBM Homes Private Limited.
The Financial Creditors claimed that Mr.B. Nirmal Kumar, as the Personal Guarantor, is liable to pay Rs.98,64,37,800.00/-.
The Respondent/Personal Guarantor raised objections regarding the application's maintainability, citing insufficient details, limitation issues, and the proposed Resolution Professional's disqualification.
…Agreement…
The Corporate…