The Resolution Professional (RP) filed an application seeking leave to proceed against the personal guarantor under Section 121 of the Insolvency and Bankruptcy Code (IBC). The basis for the application is that the personal guarantor did not propose a repayment plan despite being given sufficient opportunity. The RP also submitted that, according to the Committee of Creditors (CoC) minutes, the personal guarantor had stated no objection to initiating proceedings under Section 121 of the IBC.
The State Bank of India (Stressed Assets Management Branch) is the petitioner in this case. Mr. Manoj Kumar Agarwal (G S Oils Limited) is the respondent. The Resolution Professional (RP) filed an application (IA (IBC) 1763/2023) seeking leave to proceed against the personal guarantor under Section 121 of the Insolvency and Bankruptcy Code (IBC). The personal guarantor did not submit any repayment plan despite being given sufficient opportunity. The RP submitted that the personal guarantor had no objection to the initiation of proceedings under Section 121 of the IBC, as per the minutes of the Committee of Creditors (CoC). The court noted the absence of a repayment plan and allowed the petitioner's prayer, granting leave to initiate proceedings under Section 121 of the
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The hearing was…
IA (IBC) 1763/2023 was filed by the RP…
The Resolution Professional (RP) filed an application seeking leave to proceed against the personal guarantor under Section 121 of the Insolvency and Bankruptcy Code (IBC). The basis for the application is that the personal guarantor did not propose a repayment plan despite being given sufficient opportunity. The RP also submitted that, according to the Committee of Creditors (CoC) minutes, the personal guarantor had stated no objection to initiating proceedings under Section 121 of the IBC.
The State Bank of India (Stressed Assets Management Branch) is the petitioner in this case. Mr. Manoj Kumar Agarwal (G S Oils Limited) is the respondent. The Resolution Professional (RP) filed an application (IA (IBC) 1763/2023) seeking leave to proceed against the personal guarantor under Section 121 of the Insolvency and Bankruptcy Code (IBC). The personal guarantor did not submit any repayment plan despite being given sufficient opportunity. The RP submitted that the personal guarantor had no objection to the initiation of proceedings under Section 121 of the IBC, as per the minutes of the Committee of Creditors (CoC). The court noted the absence of a repayment plan and allowed the petitioner's prayer, granting leave to initiate proceedings under Section 121 of the
…The hearing was…
IA (IBC) 1763/2023 was filed by the RP…