The case involves an application under Section 98(1) of the IBC, 2016, concerning a personal guarantor, Mr. Madhur Jindal, who filed a CP. A query was raised regarding whether a CP could be filed by a Personal Guarantor for two separate Corporate Debtors. This issue was previously clarified in another matter related to other Personal Guarantors of Aarti Suitings Private Limited and Adig Jemtex Private Limited. The applicant sought to withdraw the CP, and the court had previously ordered that appropriate steps be taken for the withdrawal.
Mr. Madhur Jindal, acting as a personal guarantor, filed a CP. A query arose regarding the permissibility of a personal guarantor filing a CP for two separate corporate debtors, namely Aarti Suitings Private Limited and Adig Jemtex Private Limited. The applicant sought a change of Resolution Professional, and the court considered this request. The applicant was directed to file additional documents, including an affidavit confirming compliance with Section 94(4) of the IBC, and to serve a copy of the application to the IBBI. The relevance of the facts lies in the procedural compliance required under the IBC for personal guarantors and the substitution of resolution professionals.
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The Applicant had submitted that appropriate…
Order issued allowing the change of Resolution…
The case involves an application under Section 98(1) of the IBC, 2016, concerning a personal guarantor, Mr. Madhur Jindal, who filed a CP. A query was raised regarding whether a CP could be filed by a Personal Guarantor for two separate Corporate Debtors. This issue was previously clarified in another matter related to other Personal Guarantors of Aarti Suitings Private Limited and Adig Jemtex Private Limited. The applicant sought to withdraw the CP, and the court had previously ordered that appropriate steps be taken for the withdrawal.
Mr. Madhur Jindal, acting as a personal guarantor, filed a CP. A query arose regarding the permissibility of a personal guarantor filing a CP for two separate corporate debtors, namely Aarti Suitings Private Limited and Adig Jemtex Private Limited. The applicant sought a change of Resolution Professional, and the court considered this request. The applicant was directed to file additional documents, including an affidavit confirming compliance with Section 94(4) of the IBC, and to serve a copy of the application to the IBBI. The relevance of the facts lies in the procedural compliance required under the IBC for personal guarantors and the substitution of resolution professionals.
The Applicant had submitted that appropriate…
Order issued allowing the change of Resolution…