The case involves two applications, IA/730(AHM)2024 and IA/816(AHM)2024, related to the insolvency resolution process of Mr. Navin Kumar Tayal, the personal guarantor of Krishna Knitwear Technology Ltd. IA/816(AHM)2024 was filed by the Resolution Professional (RP), Mr. Sunil Kumar Agarwal, seeking discharge and appropriate permission under Section 123(1)(b) of the IBC, 2016, due to the non-cooperation of the Personal Guarantor and the rejection of the repayment plan by the creditors. IA/730(AHM)2024 was filed by the RP under Regulation 22 of the IBBI Regulations, seeking directions for the Personal Guarantor to cooperate with the RP.
Mr. Navin Kumar Tayal is the personal guarantor of Krishna Knitwear Technology Ltd. An insolvency resolution process was initiated against him. The Resolution Professional (RP), Mr. Sunil Kumar Agarwal, filed IA/816(AHM)2024 seeking discharge and permission to proceed under Section 123(1)(b) of the IBC, 2016, due to the personal guarantor's non-cooperation and the rejection of the repayment plan by the creditors. The RP also filed IA/730(AHM)2024 seeking directions for the personal guarantor to cooperate. The RP made a public announcement of the insolvency process. Creditors filed claims amounting to Rs. 69,98,45,18,916.55. The RP convened several meetings of the Committee of Creditors (CoC). The personal guarantor failed to disclose properties, hindering valuation.
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The case involves two applications, IA/730(AHM)2024 and IA/816(AHM)2024, related to the insolvency resolution process of Mr. Navin Kumar Tayal, the personal guarantor of Krishna Knitwear Technology Ltd. IA/816(AHM)2024 was filed by the Resolution Professional (RP), Mr. Sunil Kumar Agarwal, seeking discharge and appropriate permission under Section 123(1)(b) of the IBC, 2016, due to the non-cooperation of the Personal Guarantor and the rejection of the repayment plan by the creditors. IA/730(AHM)2024 was filed by the RP under Regulation 22 of the IBBI Regulations, seeking directions for the Personal Guarantor to cooperate with the RP.
Mr. Navin Kumar Tayal is the personal guarantor of Krishna Knitwear Technology Ltd. An insolvency resolution process was initiated against him. The Resolution Professional (RP), Mr. Sunil Kumar Agarwal, filed IA/816(AHM)2024 seeking discharge and permission to proceed under Section 123(1)(b) of the IBC, 2016, due to the personal guarantor's non-cooperation and the rejection of the repayment plan by the creditors. The RP also filed IA/730(AHM)2024 seeking directions for the personal guarantor to cooperate. The RP made a public announcement of the insolvency process. Creditors filed claims amounting to Rs. 69,98,45,18,916.55. The RP convened several meetings of the Committee of Creditors (CoC). The personal guarantor failed to disclose properties, hindering valuation.
…The Tribunal admitted…
The Tribunal declared a…