The applications were filed by the Resolution Professional seeking approval of the repayment plans submitted by the personal guarantors under Sections 105, 112, and 114 of the IBC, 2016, read with Regulation 19 of the IBBI (Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Regulations, 2019.
The Adjudicating Authority, by its order dated March 8, 2024 , admitted the application filed against the Personal Guarantors under Section 95 of the Code and directed the Resolution Professional (RP) to issue public notice and invite claims. In compliance, the RP issued public notices in Financial Express (English and Gujarati newspapers) on March 13, 2024, inviting claims from all creditors, with the last date for submission being April 2, 2024. By this date, the RP received only one claim from the sole financial creditor, Canara Bank, for INR 18,49,73,587.52, which was admitted after due verification. The last date for submission of the repayment plan was April 23, 2024. The Personal Guarantor submitted the first repayment plan on April 30, 2024. Subsequently, the
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Adjudicating Authority admitted the application…
Applicant issued public…
The applications were filed by the Resolution Professional seeking approval of the repayment plans submitted by the personal guarantors under Sections 105, 112, and 114 of the IBC, 2016, read with Regulation 19 of the IBBI (Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Regulations, 2019.
The Adjudicating Authority, by its order dated March 8, 2024 , admitted the application filed against the Personal Guarantors under Section 95 of the Code and directed the Resolution Professional (RP) to issue public notice and invite claims. In compliance, the RP issued public notices in Financial Express (English and Gujarati newspapers) on March 13, 2024, inviting claims from all creditors, with the last date for submission being April 2, 2024. By this date, the RP received only one claim from the sole financial creditor, Canara Bank, for INR 18,49,73,587.52, which was admitted after due verification. The last date for submission of the repayment plan was April 23, 2024. The Personal Guarantor submitted the first repayment plan on April 30, 2024. Subsequently, the
…Adjudicating Authority admitted the application…
Applicant issued public…