The case pertains to an application filed by Sunil Gupta, the personal guarantor of M/s SNR Electronics Limited (Corporate Debtor), under Section 94(1) of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the insolvency resolution process. The application is filed in accordance with the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution process for Personal Guarantors to Corporate Debtor) Rules, 2019 and regulation 4(2) of IBBI (Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Regulations, 2019.
Sunil Gupta, in his capacity as the personal guarantor of M/s SNR Electronics Limited, filed an application under Section 94(1) of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the insolvency resolution process. The application was filed in accordance with the relevant rules and regulations governing personal guarantors to corporate debtors. The applicant did not propose a name for the Resolution Professional. The Adjudicating Authority considered the application and the Supreme Court's judgment in Dilip B Jiwrajka vs Union of India & Ors., which clarified that no judicial adjudication is required at the stage of appointing a Resolution Professional. A copy of the application has already been served to the Financial Creditor and the Corporate Debtor
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The case pertains to an application filed by Sunil Gupta, the personal guarantor of M/s SNR Electronics Limited (Corporate Debtor), under Section 94(1) of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the insolvency resolution process. The application is filed in accordance with the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution process for Personal Guarantors to Corporate Debtor) Rules, 2019 and regulation 4(2) of IBBI (Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Regulations, 2019.
Sunil Gupta, in his capacity as the personal guarantor of M/s SNR Electronics Limited, filed an application under Section 94(1) of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the insolvency resolution process. The application was filed in accordance with the relevant rules and regulations governing personal guarantors to corporate debtors. The applicant did not propose a name for the Resolution Professional. The Adjudicating Authority considered the application and the Supreme Court's judgment in Dilip B Jiwrajka vs Union of India & Ors., which clarified that no judicial adjudication is required at the stage of appointing a Resolution Professional. A copy of the application has already been served to the Financial Creditor and the Corporate Debtor
…The order…
The Resolution Professional was appointed from…