# In the matter of K Sivadas vs. Lake View Ayurvedic Research & Research Centre Pvt. Ltd

> NCLT judgment dated 2023-06-23. Citation: TCN-2023-NCLT-02822. The case involves an application filed under Regulation 19(1) of the IBBI (Insolvency…

- **Court:** NCLT
- **Order date:** 23 Jun 2023
- **Citation:** TCN-2023-NCLT-02822
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/k-sivadas-vs-lake-view-ayurvedic-research-research-centre-pvt-ltd-13352e4d

## Summary

### Background

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

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## Facts

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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## Issues and analysis

### Issue 1: Whether the failure of the personal guarantor to submit a repayment plan warrants the Adjudicating …

**Ratio:** The ratio is based on the procedural requirements outlined in Section 105 and Section

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**Reasoning:** The court reasoned that the absence of a repayment plan prevented the Adjudicating

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**Interpretation:** The interpretation focuses on the mandatory nature of submitting a repayment

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**Application:** In this specific case, the personal guarantor's failure to submit a repayment

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## Parties

- **Judges:** P. Moha…; Satya Ranjan…
- **Appellants:** CELINE P THOMAS,…
- **Respondents:** M/s Lake view…

## Timeline

- **2022-04-08 — Admission…**: The Tribunal admitted the Insolvency Resolution Process of the Personal Guarantor, K…
- **2022-04-19 — Public Annou…**: The RP made a public announcement…

## 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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