The case involves an application filed under Section 99 of the Insolvency & Bankruptcy Code, 2016 by the Resolution Professional (RP) of the Applicant, Amanjyot Singh Gulati, seeking several reliefs. These include excluding a 7-day period for calculating timelines, rejecting the application filed by the Guarantor/Debtor under Section 94 of IBC, recording the RP's report, fixing the RP's professional fees, and directing the Applicant to pay the fees. The RP's report indicated that the applicant doesn't meet the eligibility criteria of a Personal Guarantor as the personal guarantee has not been invoked. The RP also requested documents from the personal guarantor, who provided some documents but not all requested items. The RP recommended rejecting the application
…Amanjyot Singh Gulati filed an application under Section 94 of the Insolvency and Bankruptcy Code (IBC), 2016. The Resolution Professional (RP) appointed for the case filed an application under Section 99 of the IBC, seeking to exclude a 7-day period for calculation of timelines, reject Gulati's application, record the RP's report, fix the RP's fees, and direct payment. The RP's report stated that Gulati did not meet the eligibility criteria for a personal guarantor because the personal guarantee had not been invoked. The RP had requested documents from Gulati, who provided some but not all. A SARFAESI notice dated 04.10.2013 was issued by Punjab & Sindh Bank (PSB) under Section 13(2) of the SARFAESI Act to the Corporate Debtor and its guarantors, including Gulati.
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The case involves an application filed under Section 99 of the Insolvency & Bankruptcy Code, 2016 by the Resolution Professional (RP) of the Applicant, Amanjyot Singh Gulati, seeking several reliefs. These include excluding a 7-day period for calculating timelines, rejecting the application filed by the Guarantor/Debtor under Section 94 of IBC, recording the RP's report, fixing the RP's professional fees, and directing the Applicant to pay the fees. The RP's report indicated that the applicant doesn't meet the eligibility criteria of a Personal Guarantor as the personal guarantee has not been invoked. The RP also requested documents from the personal guarantor, who provided some documents but not all requested items. The RP recommended rejecting the application
…Amanjyot Singh Gulati filed an application under Section 94 of the Insolvency and Bankruptcy Code (IBC), 2016. The Resolution Professional (RP) appointed for the case filed an application under Section 99 of the IBC, seeking to exclude a 7-day period for calculation of timelines, reject Gulati's application, record the RP's report, fix the RP's fees, and direct payment. The RP's report stated that Gulati did not meet the eligibility criteria for a personal guarantor because the personal guarantee had not been invoked. The RP had requested documents from Gulati, who provided some but not all. A SARFAESI notice dated 04.10.2013 was issued by Punjab & Sindh Bank (PSB) under Section 13(2) of the SARFAESI Act to the Corporate Debtor and its guarantors, including Gulati.
…The Bench appointed the Resolution Professional…
The Resolution…