The case pertains to I.A. No. 244 of 2022 in C.P. No. 1222 of 2019 filed under Section 114 of the Insolvency & Bankruptcy Code, 2016, read with Rule 11 of the National Company Law Tribunal Rules, 2016. The application seeks the closure of the Personal Guarantor Insolvency Resolution Process (PG-IRP) of Mr. Rajabhau A. Rupnar. The Corporate Insolvency Resolution Process (CIRP) was initiated against Fabtech Projects & Engineers Limited, with Bank of Maharashtra as the Financial Creditor. An interim resolution professional was appointed for the Corporate Debtor. The Personal Guarantor's repayment plan was disapproved by the PG-COC with 93.24% voting against it.
Bank of Maharashtra, the Financial Creditor, initiated Corporate Insolvency Resolution Process (CIRP) against Fabtech Projects & Engineers Limited, the Corporate Debtor. An Interim Resolution Professional was appointed. Subsequently, an Interlocutory Application No. 1760 of 2020 was filed by the State Bank of India to initiate Personal Guarantor Insolvency Resolution Process (PG-IRP) against Mr. Rajabhau A. Rupnar, the Personal Guarantor. The PG-IRP was initiated on 22.02.2021, and Mr. Jitendra Kumar Jain was appointed as the Resolution Professional. A public announcement was made on 25.02.2021, inviting claims from the creditors. The Personal Guarantor submitted a repayment plan on 09.10.2021, which was disapproved by the PG-COC with 93.24% voting against it. The
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The Bench admitted Company Petition No. 1222 of…
The Bench initiated the PG-Insolvency…
The case pertains to I.A. No. 244 of 2022 in C.P. No. 1222 of 2019 filed under Section 114 of the Insolvency & Bankruptcy Code, 2016, read with Rule 11 of the National Company Law Tribunal Rules, 2016. The application seeks the closure of the Personal Guarantor Insolvency Resolution Process (PG-IRP) of Mr. Rajabhau A. Rupnar. The Corporate Insolvency Resolution Process (CIRP) was initiated against Fabtech Projects & Engineers Limited, with Bank of Maharashtra as the Financial Creditor. An interim resolution professional was appointed for the Corporate Debtor. The Personal Guarantor's repayment plan was disapproved by the PG-COC with 93.24% voting against it.
Bank of Maharashtra, the Financial Creditor, initiated Corporate Insolvency Resolution Process (CIRP) against Fabtech Projects & Engineers Limited, the Corporate Debtor. An Interim Resolution Professional was appointed. Subsequently, an Interlocutory Application No. 1760 of 2020 was filed by the State Bank of India to initiate Personal Guarantor Insolvency Resolution Process (PG-IRP) against Mr. Rajabhau A. Rupnar, the Personal Guarantor. The PG-IRP was initiated on 22.02.2021, and Mr. Jitendra Kumar Jain was appointed as the Resolution Professional. A public announcement was made on 25.02.2021, inviting claims from the creditors. The Personal Guarantor submitted a repayment plan on 09.10.2021, which was disapproved by the PG-COC with 93.24% voting against it. The
…The Bench admitted Company Petition No. 1222 of…
The Bench initiated the PG-Insolvency…