The case pertains to an application filed by Indian Bank 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 Debtor) Rules, 2019, to initiate the Insolvency Resolution Process against Mr. Prasanna Dugar, a personal guarantor to the debts owed by Indian Gem & Jewellery Imperial Private Limited (IG&JIPL). The application was filed due to the failure of Mr. Dugar to repay the debts guaranteed to Indian Bank.
Indian Bank filed an application under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, to initiate the Insolvency Resolution Process against Mr. Prasanna Dugar, who is a personal guarantor for the debts owed by Indian Gem & Jewellery Imperial Private Limited (IG&JIPL). Mr. Dugar failed to repay the debts guaranteed to Indian Bank. The Resolution Professional submitted a report recommending the admission of the application, stating that it met the requirements of Section 95 of the IBC, 2016. The Resolution Professional also noted that Mr. Dugar was not eligible for a fresh start under Chapter II of the IBC due to the high level of debt. Indian Bank served a demand notice to Mr. Prasanna Dugar demanding payment of the amount of default. Mr. Dugar
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The Adjudicating…
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The case pertains to an application filed by Indian Bank 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 Debtor) Rules, 2019, to initiate the Insolvency Resolution Process against Mr. Prasanna Dugar, a personal guarantor to the debts owed by Indian Gem & Jewellery Imperial Private Limited (IG&JIPL). The application was filed due to the failure of Mr. Dugar to repay the debts guaranteed to Indian Bank.
Indian Bank filed an application under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, to initiate the Insolvency Resolution Process against Mr. Prasanna Dugar, who is a personal guarantor for the debts owed by Indian Gem & Jewellery Imperial Private Limited (IG&JIPL). Mr. Dugar failed to repay the debts guaranteed to Indian Bank. The Resolution Professional submitted a report recommending the admission of the application, stating that it met the requirements of Section 95 of the IBC, 2016. The Resolution Professional also noted that Mr. Dugar was not eligible for a fresh start under Chapter II of the IBC due to the high level of debt. Indian Bank served a demand notice to Mr. Prasanna Dugar demanding payment of the amount of default. Mr. Dugar
…The Adjudicating…
The order was…