The Resolution Professional (RP) filed an application (IA (IBC) 1766/2023) seeking leave to proceed against the personal guarantor of the Corporate Debtor, State Bank of India (Stressed Assets Management Branch). The basis for the application is that the personal guarantor did not propose a repayment plan despite being given sufficient opportunity. The RP also submitted that, according to the minutes of the Committee of Creditors (CoC), the personal guarantor had stated that they had no objection to the initiation of proceedings under Section 121 of the IB Code. The court noted the absence of a repayment plan submitted by the RP.

The Resolution Professional (RP) filed an application (IA (IBC) 1766/2023) seeking leave to proceed against the personal guarantor of the Corporate Debtor, State Bank of India (Stressed Assets Management Branch). The basis for the application is that the personal guarantor did not propose a repayment plan despite being given sufficient opportunity. The RP also submitted that, according to the minutes of the Committee of Creditors (CoC), the personal guarantor had stated that they had no objection to the initiation of proceedings under Section 121 of the IB Code. The court noted the absence of a repayment plan submitted by the RP.