# In the matter of Karur Vysya Bank vs. Akash Goyal

> NCLT judgment dated 2024-04-03. Citation: TCN-2024-NCLT-01857. The case pertains to an application (IA-1464/2024) filed in an ongoing insolvency resolution…

- **Court:** NCLT
- **Order date:** 3 Apr 2024
- **Citation:** TCN-2024-NCLT-01857
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/karur-vysya-bank-vs-akash-goyal-e20d1cf8

## Summary

### Background

The case pertains to an application (IA-1464/2024) filed in an ongoing insolvency resolution process under the IBC, 2016. The application seeks permission for the Resolution Professional (RP) to conduct a meeting of creditors/claimants and to take the report under Section 106 of the IBC on record. The RP has submitted that no repayment plan has been received from the Personal Guarantor. The court is considering the provisions of Regulation 17A of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Regulations, 2019, which addresses situations where no repayment plan is received.

## Facts

Karur Vysya Bank is the Applicant/Petitioner in the case. Mr. Akash Goyal is the Respondent. The case involves an application (IA-1464/2024) related to an insolvency resolution process under the IBC, 2016. The application seeks permission for the Resolution Professional to conduct a meeting of creditors/claimants on 05/04/2024 and to take the report under Section 106 of the IBC on record. No repayment plan has been received from the Personal Guarantor. The Resolution Professional is required to notify the creditors even if no repayment plan is received, as per Regulation 17A of the IBBI Regulations. The Adjudicating Authority can pass an order based on the report prepared by the Resolution Professional under Section 106, especially when a meeting of creditors is not

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## Issues and analysis

### Issue 1: Whether the Resolution Professional can conduct a meeting of creditors/claimants in terms of …

**Ratio:** Regulation 17A of the IBBI Regulations mandates that even if no repayment plan is

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**Reasoning:** The court refers to Regulation 17A, which explicitly states that the RP must notify the

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**Interpretation:** Regulation 17A is interpreted to mean that the absence of a repayment plan does

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**Application:** In this case, even though no repayment plan has been received from Mr. Akash

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## Parties

- **Judges:** SH. ASHOK KUMAR…; SH. SUBRATA KUMAR…
- **Appellants:** KARUR VYSY…
- **Respondents:** Akash G…
- **Advocates:** Vijay K…; Vinod Cha…

## Timeline

- **2024-01-31 — Notification of…**: Regulation 17A of IBBI (Insolvency Resolution Process for Personal Guarantors to…
- **2024-04-03 — Order Del…**: Order delivered by the NCLT…

## 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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