Mr. Anil Syal, the Debtor/Personal Guarantor, filed an application under Section 138(1)(a) of the Insolvency and Bankruptcy Code, 2016, read with Rule 11 of the National Company Law Tribunal Rules, 2016, seeking discharge from the bankruptcy process. The Adjudicating Authority initiated an interim moratorium period and appointed a Resolution Professional. The application was admitted, and subsequently, Mr. Ajay Gupta was appointed as the Bankruptcy Trustee. A public announcement was made to invite participation in the auction of the applicant's property. The Bankruptcy Trustee presented a final report, and the Union Bank of India filed an application seeking the setting aside of an undervalued sale. The Hon'ble NCLAT granted liberty to the applicant to make an
…Mr. Anil Syal, a Debtor/Personal Guarantor, underwent a bankruptcy process under the IBC, 2016, as a personal guarantor to a corporate debtor. He applied for discharge under Section 138(1)(a) of the IBC, arguing that the one-year bankruptcy period had lapsed. The Bankruptcy Trustee, Mr. Ajay Gupta, initially filed an application for discharge under Section 138(1)(b) but withdrew it. The Union Bank of India, a creditor, objected to the discharge, arguing that it would hinder the sale of the mortgaged property, partly owned by the applicant's wife. The NCLAT granted Mr. Syal liberty to apply to the Adjudicating Authority for discharge. The Bankruptcy Trustee conducted an e-auction of the applicant's property, which was later set aside due to undervaluation. The
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The Adjudicating Authority initiated the interim…
The Adjudicating Authority admitted the…
Mr. Anil Syal, the Debtor/Personal Guarantor, filed an application under Section 138(1)(a) of the Insolvency and Bankruptcy Code, 2016, read with Rule 11 of the National Company Law Tribunal Rules, 2016, seeking discharge from the bankruptcy process. The Adjudicating Authority initiated an interim moratorium period and appointed a Resolution Professional. The application was admitted, and subsequently, Mr. Ajay Gupta was appointed as the Bankruptcy Trustee. A public announcement was made to invite participation in the auction of the applicant's property. The Bankruptcy Trustee presented a final report, and the Union Bank of India filed an application seeking the setting aside of an undervalued sale. The Hon'ble NCLAT granted liberty to the applicant to make an
…Mr. Anil Syal, a Debtor/Personal Guarantor, underwent a bankruptcy process under the IBC, 2016, as a personal guarantor to a corporate debtor. He applied for discharge under Section 138(1)(a) of the IBC, arguing that the one-year bankruptcy period had lapsed. The Bankruptcy Trustee, Mr. Ajay Gupta, initially filed an application for discharge under Section 138(1)(b) but withdrew it. The Union Bank of India, a creditor, objected to the discharge, arguing that it would hinder the sale of the mortgaged property, partly owned by the applicant's wife. The NCLAT granted Mr. Syal liberty to apply to the Adjudicating Authority for discharge. The Bankruptcy Trustee conducted an e-auction of the applicant's property, which was later set aside due to undervaluation. The
…The Adjudicating Authority initiated the interim…
The Adjudicating Authority admitted the…