The application IA-3824/2022 was filed by the applicant seeking an extension of 60 days to file a report on the decision of creditors regarding the approval or rejection of a repayment plan submitted by the Personal Guarantor, as per Regulation 19 of the IBBI (Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Regulations, 2019 read with Section 112 of the Insolvency & Bankruptcy Code (IBC). The applicant argued that the Resolution Professional needs time to file a report showing approval or rejection of the repayment plan within 120 days of the commencement of the Insolvency Resolution Process.
State Bank of India filed an application against Farah Khan under Section 95(1) of the Insolvency & Bankruptcy Code (IBC). The applicant sought an extension of 60 days to file a report on the decision of creditors regarding the approval or rejection of the repayment plan submitted by the Personal Guarantor. The Resolution Professional is required to file a report within 120 days of the commencement of the Insolvency Resolution Process. The creditors are considering the repayment plan, and further time is required for internal approvals on the revised repayment plan. The timeline for completion of the Insolvency Resolution Process is 180 days. The extension is sought to allow the applicant to file the report as per Section 112 of the Code.
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Proposed effective date…
Order delivered…
The application IA-3824/2022 was filed by the applicant seeking an extension of 60 days to file a report on the decision of creditors regarding the approval or rejection of a repayment plan submitted by the Personal Guarantor, as per Regulation 19 of the IBBI (Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Regulations, 2019 read with Section 112 of the Insolvency & Bankruptcy Code (IBC). The applicant argued that the Resolution Professional needs time to file a report showing approval or rejection of the repayment plan within 120 days of the commencement of the Insolvency Resolution Process.
State Bank of India filed an application against Farah Khan under Section 95(1) of the Insolvency & Bankruptcy Code (IBC). The applicant sought an extension of 60 days to file a report on the decision of creditors regarding the approval or rejection of the repayment plan submitted by the Personal Guarantor. The Resolution Professional is required to file a report within 120 days of the commencement of the Insolvency Resolution Process. The creditors are considering the repayment plan, and further time is required for internal approvals on the revised repayment plan. The timeline for completion of the Insolvency Resolution Process is 180 days. The extension is sought to allow the applicant to file the report as per Section 112 of the Code.
Proposed effective date…
Order delivered…