The case involves Interlocutory Applications (IAs) filed under Section 112 of the Insolvency and Bankruptcy Code (IBC), 2016, read with Regulation 20 of the IBBI (Insolvency Resolution Process to Personal Guarantor to Corporate Debtors) Regulations, 2019. These applications were filed by the Resolution Professional (RP) in the matter of Dhanlaxmi Bank Limited, seeking to take on record reports indicating that the Personal Guarantors failed to submit a repayment plan within the stipulated time. The Tribunal had previously admitted the Insolvency Resolution Process (IRP) for the Personal Guarantors, Dr. Bharath Chandran and Dr. Asalatha Nair, based on an application by Dhanlaxmi Bank Limited under Section 95 of the IBC. The RP made a public announcement inviting claims
…Dhanlaxmi Bank Limited initiated insolvency proceedings against Dr. Bharath Chandran and Dr. Asalatha Nair, who are personal guarantors to the corporate debtor, M/s. Trivandrum International Health Services Ltd. The Tribunal admitted the Insolvency Resolution Process (IRP) against the personal guarantors based on an application by the bank under Section 95 of the Insolvency and Bankruptcy Code (IBC), 2016. The Resolution Professional (RP) made a public announcement inviting claims and prepared reports for the Tribunal. Despite extensions, the personal guarantors failed to submit a repayment plan. The Meeting of Creditors resolved to file a report before the Adjudicating Authority due to the absence of a repayment plan. The personal guarantors challenged the
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The Tribunal vide order dated 05.05.2022 in…
The Resolution Professional stated that he has…
The case involves Interlocutory Applications (IAs) filed under Section 112 of the Insolvency and Bankruptcy Code (IBC), 2016, read with Regulation 20 of the IBBI (Insolvency Resolution Process to Personal Guarantor to Corporate Debtors) Regulations, 2019. These applications were filed by the Resolution Professional (RP) in the matter of Dhanlaxmi Bank Limited, seeking to take on record reports indicating that the Personal Guarantors failed to submit a repayment plan within the stipulated time. The Tribunal had previously admitted the Insolvency Resolution Process (IRP) for the Personal Guarantors, Dr. Bharath Chandran and Dr. Asalatha Nair, based on an application by Dhanlaxmi Bank Limited under Section 95 of the IBC. The RP made a public announcement inviting claims
…Dhanlaxmi Bank Limited initiated insolvency proceedings against Dr. Bharath Chandran and Dr. Asalatha Nair, who are personal guarantors to the corporate debtor, M/s. Trivandrum International Health Services Ltd. The Tribunal admitted the Insolvency Resolution Process (IRP) against the personal guarantors based on an application by the bank under Section 95 of the Insolvency and Bankruptcy Code (IBC), 2016. The Resolution Professional (RP) made a public announcement inviting claims and prepared reports for the Tribunal. Despite extensions, the personal guarantors failed to submit a repayment plan. The Meeting of Creditors resolved to file a report before the Adjudicating Authority due to the absence of a repayment plan. The personal guarantors challenged the
…The Tribunal vide order dated 05.05.2022 in…
The Resolution Professional stated that he has…