Bakul Jayantilal Karia

Order for Extension of time granted in the Personal Guarantor matter by NCLT invoking Rule 11 read with Regulation 19 of Personal Guarantors Insolvency Regulations – State Bank of India Vs. Bakul Jayantilal Karia – NCLT Ahmedabad Bench

IA is filed by the RP for an extension of 60 days for submission of repayment plan that would be submitted by the Personal Guarantor to the CoC and the CoC in turn would approve the same. The procedure requires that the plan to come up before Adjudicating Authority within a period of 120 days. Regulation 19 of the Insolvency Resolution Process for Personal Guarantors Regulations, 2019, empowers Adjudicating Authority to extend such period. Hence, by invoking Rule11 of NCLT Rules, in these clear circumstances, we allow the RP to submit the repayment plan within sixty (60) days from 25.08.2022.

Order for Extension of time granted in the Personal Guarantor matter by NCLT invoking Rule 11 read with Regulation 19 of Personal Guarantors Insolvency Regulations – State Bank of India Vs. Bakul Jayantilal Karia – NCLT Ahmedabad Bench Read Post »

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