The case involves an application arising from the insolvency resolution process of the Personal Guarantor, Mr. Korah John, to Unitek Power Solutions India Ltd., the Corporate Debtor. The Resolution Professional (RP), CA Francis Mathew, filed an application seeking an order from the Adjudicating Authority to record the RP's report stating that the Personal Guarantor failed to submit a repayment plan, leading to the creditors being entitled to proceed with bankruptcy. The insolvency resolution process against Mr. Korah John was initiated, and a public announcement was made inviting claims from creditors. The Financial Creditor (FC) who initiated the IRP submitted a claim, but the RP initially rejected it, concluding that the Personal Guarantor was not liable for the
…The key facts are as follows: An insolvency resolution process was initiated against Mr. Korah John, the Personal Guarantor to Unitek Power Solutions India Ltd. The Resolution Professional (RP), CA Francis Mathew, filed an application because Mr. Korah John failed to submit a repayment plan. A public announcement was made on 2022-03-07, inviting claims from creditors. JM Financials Assets Reconstruction Company Limited, the Financial Creditor (FC), submitted a claim. Initially, the RP rejected the claim, stating the Personal Guarantor was not liable for the Corporate Debtor's loan, amounting to Rs. 3.35 crores. The Adjudicating Authority directed the RP to accept the claim on 2023-12-23. Mr. Korah John informed the RP that he did not intend to submit a repayment plan
…Sign in to view the parties.
The application was…
A public announcement was made intimating the…
The case involves an application arising from the insolvency resolution process of the Personal Guarantor, Mr. Korah John, to Unitek Power Solutions India Ltd., the Corporate Debtor. The Resolution Professional (RP), CA Francis Mathew, filed an application seeking an order from the Adjudicating Authority to record the RP's report stating that the Personal Guarantor failed to submit a repayment plan, leading to the creditors being entitled to proceed with bankruptcy. The insolvency resolution process against Mr. Korah John was initiated, and a public announcement was made inviting claims from creditors. The Financial Creditor (FC) who initiated the IRP submitted a claim, but the RP initially rejected it, concluding that the Personal Guarantor was not liable for the
…The key facts are as follows: An insolvency resolution process was initiated against Mr. Korah John, the Personal Guarantor to Unitek Power Solutions India Ltd. The Resolution Professional (RP), CA Francis Mathew, filed an application because Mr. Korah John failed to submit a repayment plan. A public announcement was made on 2022-03-07, inviting claims from creditors. JM Financials Assets Reconstruction Company Limited, the Financial Creditor (FC), submitted a claim. Initially, the RP rejected the claim, stating the Personal Guarantor was not liable for the Corporate Debtor's loan, amounting to Rs. 3.35 crores. The Adjudicating Authority directed the RP to accept the claim on 2023-12-23. Mr. Korah John informed the RP that he did not intend to submit a repayment plan
…The application was…
A public announcement was made intimating the…