The case involves an application under Section 60(5) of the IBC, 2016 read with Rule 11 of the Insolvency & Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019, for the withdrawal of an application. The applicant was the personal guarantor for credit facilities obtained by M/s Aarti Suitings Pvt. Ltd. and M/s Adig Jemtex Pvt. Ltd. from the Bank of Baroda.
Mr. Nand Kishore Jindal, through RP Vishnu Upadhyay, filed an application. Mr. Jindal was the personal guarantor for credit facilities obtained by M/s Aarti Suitings Pvt. Ltd. and M/s Adig Jemtex Pvt. Ltd. from the Bank of Baroda. A compromise proposal was accepted by the Bank of Baroda, leading to the application for withdrawal of the initial application. The application was filed under Section 60(5) of the IBC, 2016, read with Rule 11 of the Insolvency & Bankruptcy Rules, 2019. The CP No. (IB)- 58/94(1)/JPR/2021 was then dismissed as withdrawn.
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CP No. (IB)- 58/94(1)/JP…
The court granted permission for withdrawal of…
The case involves an application under Section 60(5) of the IBC, 2016 read with Rule 11 of the Insolvency & Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019, for the withdrawal of an application. The applicant was the personal guarantor for credit facilities obtained by M/s Aarti Suitings Pvt. Ltd. and M/s Adig Jemtex Pvt. Ltd. from the Bank of Baroda.
Mr. Nand Kishore Jindal, through RP Vishnu Upadhyay, filed an application. Mr. Jindal was the personal guarantor for credit facilities obtained by M/s Aarti Suitings Pvt. Ltd. and M/s Adig Jemtex Pvt. Ltd. from the Bank of Baroda. A compromise proposal was accepted by the Bank of Baroda, leading to the application for withdrawal of the initial application. The application was filed under Section 60(5) of the IBC, 2016, read with Rule 11 of the Insolvency & Bankruptcy Rules, 2019. The CP No. (IB)- 58/94(1)/JPR/2021 was then dismissed as withdrawn.
CP No. (IB)- 58/94(1)/JP…
The court granted permission for withdrawal of…