# In the matter of Vineeta Maheshwari

> NCLT judgment dated 2024-10-25. Citation: TCN-2024-NCLT-00339. The document pertains to two Interlocutory Applications (IAs), IA/1413(AHM)2024 and…

- **Court:** NCLT
- **Order date:** 25 Oct 2024
- **Citation:** TCN-2024-NCLT-00339
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/vineeta-maheshwari-745636de

## Summary

### Background

The document pertains to two Interlocutory Applications (IAs), IA/1413(AHM)2024 and IA/1478(AHM)2024, filed under Section 112 of the Insolvency and Bankruptcy Code (IBC), 2016, read with Rule 11 of the NCLT Rules, 2016. These applications seek approval of the repayment plans submitted by the Personal Guarantors of M/s. Texon Global Private Limited. The applications arise from Corporate Insolvency Resolution Processes (CIRPs) initiated against the personal guarantors, Smt. Husna Mohammed Sadiq and Shri Sajid Mohammed Farooqui. The Resolution Professional (RP), CA Vineeta Maheshwari, filed these applications after conducting meetings with creditors and receiving revised repayment plans from the personal guarantors. The primary creditor is Canara Bank, which submitted

…

## Facts

The case involves Individual Insolvency Resolution Processes (IIRPs) initiated against Smt. Husna Mohammed Sadiq and Shri Sajid Mohammed Farooqui, who are personal guarantors to M/s. Texon Global Private Limited. Canara Bank is the primary financial creditor. CA Vineeta Maheshwari serves as the Resolution Professional (RP) for both cases. The IIRPs were initiated following applications under Section 95 of the Insolvency and Bankruptcy Code (IBC), 2016. The RP convened multiple meetings of creditors to discuss and revise the repayment plans submitted by the personal guarantors. The initial repayment plans were deemed insufficient by the creditors, leading to revisions and resubmissions. The creditors ultimately approved the revised repayment plans with a 100% voting

…

## Issues and analysis

### Issue 1: Whether the repayment plans submitted by the personal guarantors, Smt. Husna Mohammed Sadiq and …

**Ratio:** Section 112 of the IBC, 2016, read with Rule 11 of the NCLT Rules, 2016, provides the

…

**Reasoning:** The Adjudicating Authority relied on the report prepared by the RP under Section 106 of

…

**Interpretation:** Section 112 of the IBC requires that a repayment plan must be approved by a

…

**Application:** The RP's report confirmed that the repayment plans complied with the IBC and

…

## Parties

- **Judges:** SHAMMI…; SAMEER…
- **Appellants:** CA Vineeta…
- **Respondents:** M/s Texon Global…; Canara…

## Timeline

- **2024-01-10 — Commencement of Interim…**: Interim Moratorium of Individual Insolvency Resolution Process commenced and Resolution…
- **2024-01-20 — Intimation of Initiation…**: Intimation of initiation of Interim Moratorium of Individual Insolvency Resolution…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 95 — Application by creditor to initiate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-95)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/vineeta-maheshwari-745636de