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Is it required to issue notice to Personal Guarantor while passing order under Section 115(2) of IBC when the Personal Guarantor did not submit Repayment Plan | Is Regulation 19 of Personal Guarantors Insolvency Regulation 2019 applicable even no Repayment Plan is submitted by Personal Guarantor – Sudip Dutta @ Sudip Bijoy Dutta Vs. Prashant Jain RP – NCLAT New Delhi

Hon’ble NCLAT held that:’
(i) The Personal Guarantor kept silence for years together and when consequential Order under Section 115 has been passed by the Adjudicating Authority, he is raising grievance of not being heard by the Adjudicating Authority.
(ii) Regulation 19 is not applicable in the facts of the present case nor Personal Guarantor can rely on Regulation 19.
(iii) No Repayment Plan having been submitted or finalised, Adjudicating Authority has not committed any error in giving liberty to the Creditors to file an Application for Bankruptcy under Chapter IV, which is a statutory consequence under Section 115(2). In so far as discharge of the RP is concerned, the discharge is also consequential to completion of Insolvency and Bankruptcy Process against the Personal Guarantor under the provisions of Chapter III of the Code.

Is it required to issue notice to Personal Guarantor while passing order under Section 115(2) of IBC when the Personal Guarantor did not submit Repayment Plan | Is Regulation 19 of Personal Guarantors Insolvency Regulation 2019 applicable even no Repayment Plan is submitted by Personal Guarantor – Sudip Dutta @ Sudip Bijoy Dutta Vs. Prashant Jain RP – NCLAT New Delhi Read Post »

When the Corporate Debtor even prior to issuance of demand notice u/s 8 of IBC has denied liability to pay, pre-existing dispute was there – Panjwani Electrical Engineers and Consultants Vs. Larsen and Toubro Ltd. – NCLAT New Delhi

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When the Corporate Debtor even prior to issuance of demand notice u/s 8 of IBC has denied liability to pay, pre-existing dispute was there – Panjwani Electrical Engineers and Consultants Vs. Larsen and Toubro Ltd. – NCLAT New Delhi Read Post »

Award passed by the MSME Facilitation Council is a public document and on the face of it the rejection of the claim in CIRP is not tenable – TDB Spinners Pvt. Ltd. Vs. Jalesh Kumar Grover RP of GPI Textiles Ltd. – NCLT Chandigarh Bench

The Adjudicating Authority observed that once it is shown that the claim of the applicant is backed by an award passed by the MSME Facilitation Council and that there was no stay against the same either in the appeal filed under Section 34 of the Arbitration and Conciliation Act, 1996 or from any other court, the action of the Resolution Professional in rejecting the claim of the applicant on the ground that there was no due shown in the books of the corporate debtor against the applicant is unsustainable. Award passed by the MSME Facilitation Council is a public document and on the face of it the rejection of the claim of the applicant is not tenable.

Award passed by the MSME Facilitation Council is a public document and on the face of it the rejection of the claim in CIRP is not tenable – TDB Spinners Pvt. Ltd. Vs. Jalesh Kumar Grover RP of GPI Textiles Ltd. – NCLT Chandigarh Bench Read Post »

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