The case involves an application filed under Regulation 19(1) of the IBBI (Insolvency Resolution Process to Personal Guarantor to Corporate Debtors) Regulations, 2019 read with Rule 11 of NCLT Rules, 2016. The Resolution Professional (RP) for the personal guarantor, K. Sivadas, sought to have the reports of the RP taken on record, indicating that the personal guarantor failed to submit a repayment plan within the stipulated time. The Insolvency Resolution Process (IRP) of the personal guarantor was initiated following an application by the Financial Creditor, Kerala State Co-operative Bank Limited, under Section 95 of the Insolvency and Bankruptcy Code, 2016. The RP made a public announcement inviting claims and prepared a list of claims, which were filed before the
…The Kerala State Co-operative Bank Limited initiated insolvency proceedings against K. Sivadas, the personal guarantor to the corporate debtor, M/s Lake view Ayurvedic Research & Research centre Pvt Ltd. The Adjudicating Authority admitted the Insolvency Resolution Process (IRP) on 08.04.2022. Celine P Thomas was appointed as the Resolution Professional (RP). The RP made a public announcement on 19.04.2022, inviting claims from creditors. Despite multiple extensions, K. Sivadas failed to submit a repayment plan as required under Section 105 of the Insolvency and Bankruptcy Code (IBC) 2016. The Meeting of Creditors resolved to file a report before the Adjudicating Authority, stating that no repayment plan had been received. The RP then sought to have these reports
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The Tribunal admitted the Insolvency…
The RP made a public…
The case involves an application filed under Regulation 19(1) of the IBBI (Insolvency Resolution Process to Personal Guarantor to Corporate Debtors) Regulations, 2019 read with Rule 11 of NCLT Rules, 2016. The Resolution Professional (RP) for the personal guarantor, K. Sivadas, sought to have the reports of the RP taken on record, indicating that the personal guarantor failed to submit a repayment plan within the stipulated time. The Insolvency Resolution Process (IRP) of the personal guarantor was initiated following an application by the Financial Creditor, Kerala State Co-operative Bank Limited, under Section 95 of the Insolvency and Bankruptcy Code, 2016. The RP made a public announcement inviting claims and prepared a list of claims, which were filed before the
…The Kerala State Co-operative Bank Limited initiated insolvency proceedings against K. Sivadas, the personal guarantor to the corporate debtor, M/s Lake view Ayurvedic Research & Research centre Pvt Ltd. The Adjudicating Authority admitted the Insolvency Resolution Process (IRP) on 08.04.2022. Celine P Thomas was appointed as the Resolution Professional (RP). The RP made a public announcement on 19.04.2022, inviting claims from creditors. Despite multiple extensions, K. Sivadas failed to submit a repayment plan as required under Section 105 of the Insolvency and Bankruptcy Code (IBC) 2016. The Meeting of Creditors resolved to file a report before the Adjudicating Authority, stating that no repayment plan had been received. The RP then sought to have these reports
…The Tribunal admitted the Insolvency…
The RP made a public…