# In the matter of Mr. Manoj Kumar Mishra Vs. Mr. Ameet Rupnar, IA No. 203/2022 in CP No. 1222/I&B/2019

> NCLT judgment dated 2022-05-04. Citation: TCN-2022-NCLT-02904. The case involves an application (I.A. No. 203/2022) filed by the Resolution Professional, Mr.…

- **Court:** NCLT
- **Order date:** 4 May 2022
- **Citation:** TCN-2022-NCLT-02904
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/mr-manoj-kumar-mishra-vs-mr-ameet-rupnar-ia-no-2032022-in-cp-no-1222ib2019-93fd5eba

## Summary

### Background

The case involves an application (I.A. No. 203/2022) filed by the Resolution Professional, Mr. Manoj Kumar Mishra, seeking the closure of the Insolvency Resolution Process against the Personal Guarantor, Mr. Ameet Rupnar. The Corporate Insolvency Resolution Process (CIRP) was initiated against Fabtech Projects & Engineers Limited based on a petition filed by Bank of Maharashtra. Subsequently, an application was filed to initiate the Insolvency Resolution Process against the Personal Guarantor, Ameet Rupnar. The Resolution Professional invited claims from the creditors of the Personal Guarantor. The Personal Guarantor submitted a Repayment Plan, which was later disapproved by the Committee of Creditors (COC).

## Facts

Bank of Maharashtra initiated Corporate Insolvency Resolution Process (CIRP) against Fabtech Projects & Engineers Limited. Subsequently, an application was filed to initiate Insolvency Resolution Process against Mr. Ameet Rupnar, the Personal Guarantor. Mr. Manoj Kumar Mishra was appointed as the Resolution Professional. A public announcement was made inviting claims from creditors of the Personal Guarantor. The Personal Guarantor submitted a Repayment Plan, which was disapproved by the Committee of Creditors (COC) with 100% voting against it. The Resolution Professional then submitted a report to the Tribunal under Section 112 of the Code. The Personal Guarantors had previously filed a Writ Petition in the Bombay High Court, which was dismissed, and subsequently

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## Issues and analysis

### Issue 1: Whether the application for closure of the Insolvency Resolution Process against the Personal …

**Ratio:** The Adjudicating Authority can reject a repayment plan based on the report of the meeting

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**Reasoning:** The Committee of Creditors (COC) rejected the Repayment Plan of the Personal Guarantor

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**Interpretation:** Section 114 of the Insolvency and Bankruptcy Code empowers the Adjudicating

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**Application:** In this case, the COC's unanimous rejection of the Repayment Plan provided a

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## Parties

- **Judges:** H. V. Sub…; Chandra Bha…
- **Appellants:** Manoj Kumar…
- **Respondents:** Fabtech Projects…

## Timeline

- **2019-09-24 — Admission of Company…**: The Bench admitted Company Petition No. 1222 of 2019 filed by Bank of Maharashtra against…
- **2020-01-01 — Application by State…**: State Bank of India filed an application for initiating the Insolvency Resolution Process…

## 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)

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