# 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-02921. The case pertains to an application (I.A. No. 203/2022) filed by the Resolution Professional,…

- **Court:** NCLT
- **Order date:** 4 May 2022
- **Citation:** TCN-2022-NCLT-02921
- **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-1222ib2019-984ba2d3

## Summary

### Background

The case pertains to 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, the Corporate Debtor, by Bank of Maharashtra, the Financial Creditor. An Interim Resolution Professional was appointed. Subsequently, the State Bank of India filed an application to initiate the Insolvency Resolution Process against the Personal Guarantor. The Insolvency Resolution Process against the Personal Guarantor was initiated on 22.02.2021, and Mr. Manoj Kumar Mishra was appointed as the Resolution Professional. Public

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## Facts

Bank of Maharashtra initiated Corporate Insolvency Resolution Process (CIRP) against Fabtech Projects & Engineers Limited (Corporate Debtor). State Bank of India filed an application to initiate Insolvency Resolution Process against Mr. Ameet Rupnar (Personal Guarantor). The CIRP against Mr. Rupnar was initiated on 22.02.2021, with Mr. Manoj Kumar Mishra appointed as the Resolution Professional. A public announcement was made to invite claims from creditors. Mr. Rupnar submitted a Repayment Plan, which was rejected by the PG-COC (Personal Guarantor's Committee of Creditors) on 24.12.2021 with 100% voting against it. The Resolution Professional then submitted a report to the Tribunal under Section 112 of the Insolvency and Bankruptcy Code. The Personal Guarantors

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## Issues and analysis

### Issue 1: Whether the Insolvency Resolution Process against the Personal Guarantor should be closed due to …

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

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**Reasoning:** The court reasoned that since the PG-COC rejected the Repayment Plan with 100% voting

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**Interpretation:** The interpretation of Section 114 and 115(2) is that the Adjudicating Authority

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**Application:** In this case, the PG-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…
- **2021-02-22 — Initiation of…**: The Bench initiated the Insolvency Resolution Process against the Personal Guarantor,…

## 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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