# In the matter of Amar Baldva

> NCLT judgment dated 2023-11-30. Citation: TCN-2023-NCLT-00508. The case pertains to an application filed under Section 112 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 30 Nov 2023
- **Citation:** TCN-2023-NCLT-00508
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/amar-baldva-563d694c

## Summary

### Background

The case pertains to an application filed under Section 112 of the Insolvency and Bankruptcy Code, 2016 (IBC) by the Resolution Professional, Mr. Vishnu Upadhyay, concerning the insolvency resolution process of the personal guarantor, Mr. Amar Baldva, to the Corporate Debtor M/s Baldva Textiles Private Limited. The personal guarantor/debtor had previously filed an application under section 94(1) of the Code r/w Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtor) Rules, 2019, seeking initiation of Insolvency Resolution Process ('IRP') against the Applicant/ Debtor who is the Personal Guarantor of the Corporate Debtor, namely M/s Baldva Textiles Private Limited for

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## Facts

Mr. Amar Baldva is the personal guarantor to the Corporate Debtor M/s Baldva Textiles Private Limited. Punjab National Bank ('Bank') extended credit facility. Mr. Vishnu Upadhyay was appointed as the Resolution Professional. An application was filed under Section 112 of the Insolvency and Bankruptcy Code, 2016 ('Code'/ 'IBC') annexing the Report of the meeting of Creditors on the Repayment Plan for the Insolvency Resolution Process of the Personal Guarantor/Debtor namely, Mr. Amar Baldva to the Corporate Debtor M/s Baldva Textiles Private Limited. The Personal Guarantor/Debtor had filed an application bearing CP No. (IB)-32/94/JPR/2022, under section 94(1) of the Code r/w Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority should approve the repayment plan submitted by the Resolution …

**Ratio:** Section 114(1) of the IBC, 2016 provides that the Adjudicating Authority shall approve or

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**Reasoning:** The Adjudicating Authority perused the report of the meeting of the Creditors on the

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**Interpretation:** Section 114(1) mandates the Adjudicating Authority to base its decision on the

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**Application:** The Adjudicating Authority, having reviewed the report and considered the

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## Parties

- **Judges:** Deep Chandr…; RAJEEV ME…
- **Appellants:** Amar Ba…
- **Respondents:** M/s Baldva…; Punjab National…

## Timeline

- **2022-05-30 — Appointment of…**: Mr. Vishnu Upadhyay was appointed as the Resolution Professional by the Adjudicating…
- **2023-01-11 — Admission of Ap…**: The Adjudicating Authority admitted the Application under Section 100 of IBC, 2016 and…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 94 — Application by debtor to initiate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-94)

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