The case involves an application for withdrawal of an insolvency resolution process for personal guarantors to corporate debtors, specifically under Section 60(5) of the IBC, 2016 read with Rule 11 of the Insolvency & Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019. The applicant, Mrs. Kavita Jindal, was the personal guarantor for credit facilities obtained by M/s Aarti Suitings Pvt. Ltd. and M/s Adig Jemtex Pvt. Ltd. from the Bank of Baroda.
Mrs. Kavita Jindal acted as a personal guarantor for credit facilities extended by the Bank of Baroda to M/s Aarti Suitings Pvt. Ltd. and M/s Adig Jemtex Pvt. Ltd. An application was filed under Section 60(5) of the IBC, 2016, read with Rule 11 of the Insolvency & Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019, seeking to initiate an insolvency resolution process against Mrs. Jindal in her capacity as a personal guarantor. Subsequently, a compromise proposal was accepted by the Bank of Baroda. Based on this compromise, Mrs. Jindal applied for the withdrawal of the insolvency resolution process. The court then considered whether to grant permission for the withdrawal of
…Sign in to view the parties.
Corporate Insolvency…
Application filed for…
The case involves an application for withdrawal of an insolvency resolution process for personal guarantors to corporate debtors, specifically under Section 60(5) of the IBC, 2016 read with Rule 11 of the Insolvency & Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019. The applicant, Mrs. Kavita Jindal, was the personal guarantor for credit facilities obtained by M/s Aarti Suitings Pvt. Ltd. and M/s Adig Jemtex Pvt. Ltd. from the Bank of Baroda.
Mrs. Kavita Jindal acted as a personal guarantor for credit facilities extended by the Bank of Baroda to M/s Aarti Suitings Pvt. Ltd. and M/s Adig Jemtex Pvt. Ltd. An application was filed under Section 60(5) of the IBC, 2016, read with Rule 11 of the Insolvency & Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019, seeking to initiate an insolvency resolution process against Mrs. Jindal in her capacity as a personal guarantor. Subsequently, a compromise proposal was accepted by the Bank of Baroda. Based on this compromise, Mrs. Jindal applied for the withdrawal of the insolvency resolution process. The court then considered whether to grant permission for the withdrawal of
…Corporate Insolvency…
Application filed for…