The Financial Creditor filed an application IA (IBC) 1083/2023 in CP (IB) No. 105/95/HDB/2022 seeking closure of proceedings and leave to declare Mr. Subba Rao, the Personal Guarantor, as bankrupt. The Tribunal had previously ordered on 09.01.2023 in IA 1583/2022 that the Personal Guarantor be given sufficient opportunity to submit a repayment plan. Despite this opportunity, the Personal Guarantor failed to submit any repayment plan. The Resolution Professional reiterated that no repayment plan was received. The Financial Creditor requested the initiation of proceedings to declare the Personal Guarantor bankrupt. The Tribunal, after hearing the financial creditor and reviewing the records, allowed the CP.

The Financial Creditor filed an application IA (IBC) 1083/2023 in CP (IB) No. 105/95/HDB/2022 seeking closure of proceedings and leave to declare Mr. Subba Rao, the Personal Guarantor, as bankrupt. The Tribunal had previously ordered on 09.01.2023 in IA 1583/2022 that the Personal Guarantor be given sufficient opportunity to submit a repayment plan. Despite this opportunity, the Personal Guarantor failed to submit any repayment plan. The Resolution Professional reiterated that no repayment plan was received. The Financial Creditor requested the initiation of proceedings to declare the Personal Guarantor bankrupt. The Tribunal, after hearing the financial creditor and reviewing the records, allowed the CP.