The case involves an application filed under Section 95(1) of the Insolvency and Bankruptcy Code (IBC), 2016 by Intec Capital Limited, the Applicant/Financial Creditor, seeking initiation of insolvency proceedings against the Personal Guarantor, Mr. Hardeep Singh, of the Corporate Debtor. Previously, proceedings were initiated against the Corporate Debtor, which were admitted by the Tribunal. An appeal was filed before the NCLAT, which allowed the appeal based on a settlement proposal. However, the Corporate Debtor failed to honor the settlement terms, leading the Applicant to file a revival application, which was allowed by the Tribunal.
Intec Capital Limited filed an application under Section 95(1) of the IBC, 2016, to initiate insolvency proceedings against Mr. Hardeep Singh, the Personal Guarantor of a Corporate Debtor. Earlier proceedings against the Corporate Debtor were admitted by the Tribunal but were later subject to a settlement agreement following an appeal to NCLAT. The Corporate Debtor failed to comply with the terms of the settlement, specifically defaulting on post-dated checks. Consequently, Intec Capital Limited filed a revival application, which was granted. The current application seeks to extend insolvency proceedings to the Personal Guarantor due to the Corporate Debtor's default. The application was filed on 2022-03-30. The relevance of these facts lies in establishing the grounds
…Sign in to view the parties.
An order was passed against the Corporate…
The Hon'ble NCLAT allowed an appeal against…
The case involves an application filed under Section 95(1) of the Insolvency and Bankruptcy Code (IBC), 2016 by Intec Capital Limited, the Applicant/Financial Creditor, seeking initiation of insolvency proceedings against the Personal Guarantor, Mr. Hardeep Singh, of the Corporate Debtor. Previously, proceedings were initiated against the Corporate Debtor, which were admitted by the Tribunal. An appeal was filed before the NCLAT, which allowed the appeal based on a settlement proposal. However, the Corporate Debtor failed to honor the settlement terms, leading the Applicant to file a revival application, which was allowed by the Tribunal.
Intec Capital Limited filed an application under Section 95(1) of the IBC, 2016, to initiate insolvency proceedings against Mr. Hardeep Singh, the Personal Guarantor of a Corporate Debtor. Earlier proceedings against the Corporate Debtor were admitted by the Tribunal but were later subject to a settlement agreement following an appeal to NCLAT. The Corporate Debtor failed to comply with the terms of the settlement, specifically defaulting on post-dated checks. Consequently, Intec Capital Limited filed a revival application, which was granted. The current application seeks to extend insolvency proceedings to the Personal Guarantor due to the Corporate Debtor's default. The application was filed on 2022-03-30. The relevance of these facts lies in establishing the grounds
…An order was passed against the Corporate…
The Hon'ble NCLAT allowed an appeal against…