The case involves an application filed by the Resolution Professional (RP) seeking leave to proceed against the personal guarantor under Section 121 of the IB Code. The RP contends that despite sufficient opportunity, the personal guarantor has not proposed any repayment plan. The RP also submitted that, as per the minutes of the Committee of Creditors (CoC), the personal guarantor had stated no objection to the initiation of proceedings under Section 121 of the IB Code.
The State Bank of India (Stressed Assets Management Branch) filed a case against Mr. Ajay Kumar Agarwal (G S Oils Limited). The Resolution Professional (RP) filed an application seeking leave to proceed against the personal guarantor under Section 121 of the IB Code. The personal guarantor did not submit any repayment plan despite having sufficient opportunity. The personal guarantor had stated that he has no objection for initiation of proceedings under Section 121 of IB Code. The RP submitted the minutes of the CoC to support the application.
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Hearing held on…
The case involves an application filed by the Resolution Professional (RP) seeking leave to proceed against the personal guarantor under Section 121 of the IB Code. The RP contends that despite sufficient opportunity, the personal guarantor has not proposed any repayment plan. The RP also submitted that, as per the minutes of the Committee of Creditors (CoC), the personal guarantor had stated no objection to the initiation of proceedings under Section 121 of the IB Code.
The State Bank of India (Stressed Assets Management Branch) filed a case against Mr. Ajay Kumar Agarwal (G S Oils Limited). The Resolution Professional (RP) filed an application seeking leave to proceed against the personal guarantor under Section 121 of the IB Code. The personal guarantor did not submit any repayment plan despite having sufficient opportunity. The personal guarantor had stated that he has no objection for initiation of proceedings under Section 121 of IB Code. The RP submitted the minutes of the CoC to support the application.
Hearing held on…