The case involves an application filed by the Resolution Professional (RP) to record the report of the RP, which states that the repayment plan submitted by the Personal Guarantor was rejected by the Creditor. The RP also requested the court to direct the Creditors to pay the RP fees.
The Resolution Professional filed an application to record the report stating that the Personal Guarantor's repayment plan was rejected by the Creditor. The Creditor rejected the repayment plan with a voting share of 74.32%. Section 111 of the Code requires a three-fourths majority in value of the Creditor for approval of the repayment plan. The Insolvency Resolution process ordered against the Personal Guarantor is concluded. The creditors are at liberty to move an application under Section 121 of the IB Code. The creditors are directed to pay the fees and expenses incurred by the RP.
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Hearing held on…
The case involves an application filed by the Resolution Professional (RP) to record the report of the RP, which states that the repayment plan submitted by the Personal Guarantor was rejected by the Creditor. The RP also requested the court to direct the Creditors to pay the RP fees.
The Resolution Professional filed an application to record the report stating that the Personal Guarantor's repayment plan was rejected by the Creditor. The Creditor rejected the repayment plan with a voting share of 74.32%. Section 111 of the Code requires a three-fourths majority in value of the Creditor for approval of the repayment plan. The Insolvency Resolution process ordered against the Personal Guarantor is concluded. The creditors are at liberty to move an application under Section 121 of the IB Code. The creditors are directed to pay the fees and expenses incurred by the RP.
Hearing held on…