The case involves an application for withdrawal of an insolvency resolution process for personal guarantors to corporate debtors under Section 60(5) of the IBC, 2016 read with Rule 11 of the Insolvency & Bankruptcy Rules, 2019. 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.
Mrs. Neelam Jindal, represented by RP Vishnu Upadhyay, filed an application for withdrawal of the insolvency resolution process. She 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. The Bank of Baroda accepted a compromise proposal, leading to the application for withdrawal. The application was filed under Section 60(5) of the IBC, 2016 read with Rule 11 of the Insolvency & Bankruptcy Rules, 2019. The court granted permission for withdrawal, dismissing CP No. (IB)- 41/94(1)/JPR/2021.
Sign in to view the parties.
The court granted permission for withdrawal of…
The case involves an application for withdrawal of an insolvency resolution process for personal guarantors to corporate debtors under Section 60(5) of the IBC, 2016 read with Rule 11 of the Insolvency & Bankruptcy Rules, 2019. 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.
Mrs. Neelam Jindal, represented by RP Vishnu Upadhyay, filed an application for withdrawal of the insolvency resolution process. She 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. The Bank of Baroda accepted a compromise proposal, leading to the application for withdrawal. The application was filed under Section 60(5) of the IBC, 2016 read with Rule 11 of the Insolvency & Bankruptcy Rules, 2019. The court granted permission for withdrawal, dismissing CP No. (IB)- 41/94(1)/JPR/2021.
The court granted permission for withdrawal of…