The case pertains to an application (I.A. No. 244/2020) filed by the Resolution Professional, Mr. Jitendra Kumar Jain, seeking the closure of the Personal Guarantor Insolvency Resolution Process (“PG-IRP”) of Mr. Rajabhau A. Rupnar. The application is filed under Section 114 of the Insolvency & Bankruptcy Code, 2016, read with Rule 11 of the National Company Law Tribunal Rules, 2016. The Corporate Insolvency Resolution Process was initiated against Fabtech Projects & Engineers Limited, with Bank of Maharashtra as the Financial Creditor. The Personal Guarantor's repayment plan was disapproved by the PG-COC with 93.24% voting against it.
Bank of Maharashtra initiated Corporate Insolvency Resolution Process against Fabtech Projects & Engineers Limited. Mr. Rajabhau A. Rupnar was the Personal Guarantor. An Interlocutory Application No. 1760 of 2020 was filed by the State Bank of India for initiating the PG-IRP against 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 Resolution Professional submitted a report to the Tribunal on 28.11.2021. The Personal Guarantors filed Writ Petitions in the Bombay
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Bench admitted Company Petition No. 1222 of…
Bench initiated the PG-Insolvency Resolution…
The case pertains to an application (I.A. No. 244/2020) filed by the Resolution Professional, Mr. Jitendra Kumar Jain, seeking the closure of the Personal Guarantor Insolvency Resolution Process (“PG-IRP”) of Mr. Rajabhau A. Rupnar. The application is filed under Section 114 of the Insolvency & Bankruptcy Code, 2016, read with Rule 11 of the National Company Law Tribunal Rules, 2016. The Corporate Insolvency Resolution Process was initiated against Fabtech Projects & Engineers Limited, with Bank of Maharashtra as the Financial Creditor. The Personal Guarantor's repayment plan was disapproved by the PG-COC with 93.24% voting against it.
Bank of Maharashtra initiated Corporate Insolvency Resolution Process against Fabtech Projects & Engineers Limited. Mr. Rajabhau A. Rupnar was the Personal Guarantor. An Interlocutory Application No. 1760 of 2020 was filed by the State Bank of India for initiating the PG-IRP against 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 Resolution Professional submitted a report to the Tribunal on 28.11.2021. The Personal Guarantors filed Writ Petitions in the Bombay
…Bench admitted Company Petition No. 1222 of…
Bench initiated the PG-Insolvency Resolution…