The case involves an application filed by the Financial Creditor seeking closure of proceedings in Company Petition IB/107/2022 and leave to file a petition to declare the Personal Guarantor as bankrupt. The Tribunal had previously ordered on 2023-01-09 in IA 1583/2022 that the Personal Guarantor be given sufficient opportunity to submit a repayment plan. However, the Personal Guarantor failed to submit any repayment plan.
The Financial Creditor filed an application for closure of proceedings in Company Petition IB/107/2022 and sought permission to file a petition to declare the Personal Guarantor bankrupt. The Tribunal had previously ordered on 2023-01-09 in IA 1583/2022 that the Personal Guarantor be given sufficient opportunity to submit a repayment plan. The Personal Guarantor failed to submit any repayment plan. The Resolution Professional confirmed that no repayment plan was received. The Financial Creditor requested initiation of bankruptcy proceedings. The Tribunal considered the facts and circumstances of the case and allowed the Company Petition, granting the Financial Creditor the liberty to take necessary steps under law to declare the Personal Guarantor as bankrupt. The key
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Tribunal order recorded that the Personal…
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The case involves an application filed by the Financial Creditor seeking closure of proceedings in Company Petition IB/107/2022 and leave to file a petition to declare the Personal Guarantor as bankrupt. The Tribunal had previously ordered on 2023-01-09 in IA 1583/2022 that the Personal Guarantor be given sufficient opportunity to submit a repayment plan. However, the Personal Guarantor failed to submit any repayment plan.
The Financial Creditor filed an application for closure of proceedings in Company Petition IB/107/2022 and sought permission to file a petition to declare the Personal Guarantor bankrupt. The Tribunal had previously ordered on 2023-01-09 in IA 1583/2022 that the Personal Guarantor be given sufficient opportunity to submit a repayment plan. The Personal Guarantor failed to submit any repayment plan. The Resolution Professional confirmed that no repayment plan was received. The Financial Creditor requested initiation of bankruptcy proceedings. The Tribunal considered the facts and circumstances of the case and allowed the Company Petition, granting the Financial Creditor the liberty to take necessary steps under law to declare the Personal Guarantor as bankrupt. The key
…Tribunal order recorded that the Personal…
Hearing held on the…