# In the matter of Manoj Kumar Mishra Vs. Mr. Neelvarna Rupnar, IA No. 200/2022 in CP No. 1222/I&B/2019

> NCLT judgment dated 2022-05-04. Citation: TCN-2022-NCLT-02910. The case involves an Interlocutory Application (I.A. No. 200/2022) filed by the Resolution…

- **Court:** NCLT
- **Order date:** 4 May 2022
- **Citation:** TCN-2022-NCLT-02910
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/manoj-kumar-mishra-vs-mr-neelvarna-rupnar-ia-no-2002022-in-cp-no-1222ib2019-731fc5d2

## Summary

### Background

The case involves an Interlocutory Application (I.A. No. 200/2022) filed by the Resolution Professional, Mr. Manoj Kumar Mishra, seeking closure of the Insolvency Resolution Process against the Personal Guarantor, Mr. Neelvarna Rupnar, under Section 114 of the Insolvency & Bankruptcy Code, 2016. The corporate debtor, Fabtech Projects and Engineers Limited, had its Company Petition admitted on 24.09.2019 by Bank of Maharashtra under Section 7 of the Code. An Interim Resolution Professional was appointed for the Corporate Debtor. The Personal Guarantor's repayment plan was disapproved by the PG-COC with 100% voting against it.

## Facts

Mr. Manoj Kumar Mishra, the Resolution Professional, filed an Interlocutory Application (I.A. No. 200/2022) under Section 114 of the Insolvency & Bankruptcy Code, 2016, seeking closure of the Personal Insolvency Resolution Process (PIRP) against Mr. Neelvarna Rupnar, the Personal Guarantor. Bank of Maharashtra, the Financial Creditor, had filed a Company Petition against Fabtech Projects and Engineers Limited, the Corporate Debtor, which was admitted on 24.09.2019. An Interim Resolution Professional was appointed for the Corporate Debtor. The State Bank of India had also filed an application for initiating the Insolvency Resolution Process against the Personal Guarantor. The Insolvency Resolution Process against the Personal Guarantor was initiated on 22.02.2021,

…

## Issues and analysis

### Issue 1: Whether the Adjudicating Authority can close the Insolvency Resolution Process of the Personal …

**Ratio:** Section 114 of the Insolvency and Bankruptcy Code, 2016, provides that the Adjudicating

…

**Reasoning:** The court reasoned that since the PG-COC rejected the Repayment Plan of the Personal

…

**Interpretation:** The interpretation of Section 114 and 115(2) of the Insolvency and Bankruptcy

…

**Application:** In this case, the PG-COC rejected the Repayment Plan with 100% voting against

…

## Parties

- **Judges:** H. V. Sub…; Chandra Bha…
- **Appellants:** Neelvarna…
- **Respondents:** Fabtech Projects…
- **Advocates:** Amir Ars…

## Timeline

- **2019-09-24 — Admission of Company…**: Company Petition No. 1222 of 2019 filed by Bank of Maharashtra against Fabtech Projects…
- **2021-02-22 — Initiation of…**: The Insolvency Resolution Process against the Personal Guarantor was initiated, and Mr.…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 114 — Order of Adjudicating Authority on repayment plan](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-114)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/manoj-kumar-mishra-vs-mr-neelvarna-rupnar-ia-no-2002022-in-cp-no-1222ib2019-731fc5d2