The case involves a petition filed under Section 94(1) of the Insolvency and Bankruptcy Code, 2016, read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution process for Personal Guarantors to Corporate Debtor) Rules, 2019, and Regulation 4(2) of IBBI (Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Regulations, 2019. The petition was filed by Mr. Shikhar Chandra Jain, a personal guarantor of M/s Cargo Planners Limited (Corporate Debtor), seeking to initiate the Insolvency Resolution Process.
Mr. Shikhar Chandra Jain, acting as a personal guarantor for M/s Cargo Planners Limited (the Corporate Debtor), filed a petition under Section 94(1) of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Insolvency Resolution Process. The application was filed because Mr. Jain, as the personal guarantor, is seeking resolution of his debts. The petitioner has already served a copy of the application to the Financial Creditor and the Corporate Debtor. The applicant did not propose any name for the Resolution Professional. The Supreme Court's judgment in Dilip B Jiwrajka vs Union of India & Ors. clarified that no judicial adjudication is required at the initial stages of the insolvency process. The court then appointed Shri. Amit Talwar as the Resolution
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The present Petition CP (IB) No.…
Date of pronou…
The case involves a petition filed under Section 94(1) of the Insolvency and Bankruptcy Code, 2016, read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution process for Personal Guarantors to Corporate Debtor) Rules, 2019, and Regulation 4(2) of IBBI (Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Regulations, 2019. The petition was filed by Mr. Shikhar Chandra Jain, a personal guarantor of M/s Cargo Planners Limited (Corporate Debtor), seeking to initiate the Insolvency Resolution Process.
Mr. Shikhar Chandra Jain, acting as a personal guarantor for M/s Cargo Planners Limited (the Corporate Debtor), filed a petition under Section 94(1) of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Insolvency Resolution Process. The application was filed because Mr. Jain, as the personal guarantor, is seeking resolution of his debts. The petitioner has already served a copy of the application to the Financial Creditor and the Corporate Debtor. The applicant did not propose any name for the Resolution Professional. The Supreme Court's judgment in Dilip B Jiwrajka vs Union of India & Ors. clarified that no judicial adjudication is required at the initial stages of the insolvency process. The court then appointed Shri. Amit Talwar as the Resolution
…The present Petition CP (IB) No.…
Date of pronou…