# 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-02912. 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-02912
- **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-a5f809ca

## 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, the Corporate Debtor, by Bank of Maharashtra, the Financial Creditor. Subsequently, an application was filed to initiate the Insolvency Resolution Process against the Personal Guarantor. The Personal Guarantor submitted a Repayment Plan, which was 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. The Personal Guarantor submitted a Repayment Plan to the Resolution Professional. The Resolution Professional presented the Repayment Plan to the Committee of Creditors (COC). The COC rejected the Repayment Plan with 100% voting against it. The Resolution Professional then filed an application (I.A. No. 203/2022) seeking closure of the Insolvency Resolution Process against the Personal Guarantor. The Personal Guarantors had previously filed a Writ

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## Issues and analysis

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

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

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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 grants the Adjudicating Authority the power to either approve or

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

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 121 — Application for bankruptcy](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-121)

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