The case involves an application (IA (IBC) 1764/2023) filed by the Resolution Professional (RP) seeking leave to proceed against the personal guarantor of the Corporate Debtor under Section 121 of the Insolvency and Bankruptcy Code (IBC). The RP contends that despite sufficient opportunity, the personal guarantor has not proposed any repayment plan. The RP also submitted that the personal guarantor had stated no objection for initiation of proceedings under Section 121 of IB Code, as per the minutes of the Committee of Creditors (CoC).
The State Bank of India (Stressed Assets Management Branch) filed a petition against Mr. Umesh Kumar Agarwal (G S Oils Limited). The Resolution Professional (RP) filed an application (IA (IBC) 1764/2023) seeking leave to proceed against the personal guarantor under Section 121 of the IB Code. The RP argued that the personal guarantor had not come forward with any repayment plan despite being given sufficient opportunity. The RP also submitted that the personal guarantor had stated that he had no objection for initiation of proceedings under Section 121 of IB Code, as per the minutes of the CoC. The records showed that no repayment plan was submitted by the RP despite opportunity.
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Attendance cum order…
The case involves an application (IA (IBC) 1764/2023) filed by the Resolution Professional (RP) seeking leave to proceed against the personal guarantor of the Corporate Debtor under Section 121 of the Insolvency and Bankruptcy Code (IBC). The RP contends that despite sufficient opportunity, the personal guarantor has not proposed any repayment plan. The RP also submitted that the personal guarantor had stated no objection for initiation of proceedings under Section 121 of IB Code, as per the minutes of the Committee of Creditors (CoC).
The State Bank of India (Stressed Assets Management Branch) filed a petition against Mr. Umesh Kumar Agarwal (G S Oils Limited). The Resolution Professional (RP) filed an application (IA (IBC) 1764/2023) seeking leave to proceed against the personal guarantor under Section 121 of the IB Code. The RP argued that the personal guarantor had not come forward with any repayment plan despite being given sufficient opportunity. The RP also submitted that the personal guarantor had stated that he had no objection for initiation of proceedings under Section 121 of IB Code, as per the minutes of the CoC. The records showed that no repayment plan was submitted by the RP despite opportunity.
Attendance cum order…