# In the matter of Jigar Tarunkumar Bhatt

> NCLT judgment dated 2024-10-25. Citation: TCN-2024-NCLT-00336. The applications were filed by the Resolution Professional seeking approval of the repayment…

- **Court:** NCLT
- **Order date:** 25 Oct 2024
- **Citation:** TCN-2024-NCLT-00336
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/jigar-tarunkumar-bhatt-e426381e

## Summary

### Background

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.

## Facts

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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## Issues and analysis

### Issue 1: Whether the repayment plans submitted by the personal guarantors comply with the provisions of the …

**Ratio:** A repayment plan or any modification thereto shall be approved by a majority of more than

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**Reasoning:** The Tribunal noted that the Resolution Professional's reports dated June 22, 2024, and

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**Interpretation:** The court interpreted Section 111 of the IBC to mean that a repayment plan,

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**Application:** Since the sole creditor approved the repayment plans with a 100% voting share,

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## Parties

- **Judges:** SHAMMI…; SAMEER…
- **Appellants:** Jigar Tarunkumar…; Resolution…; +4 more
- **Respondents:** Texon Global Pvt.…
- **Advocates:** For the Applicant…; Rushabh Shah,…; +5 more

## Timeline

- **March 8, 2024 — Application A…**: Adjudicating Authority admitted the application against Personal Guarantors under Section…
- **March 13, 2024 — Public Notice…**: Applicant issued public notice in Financial…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 95 — Application by creditor to initiate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-95)

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