Mr. Sunil Kumar Agarwal RP of Vishal Rameshbhai Kari Vs. Vishal Rameshbhai Karia and Ors. – NCLT Ahmedabad Bench
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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.