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NATIONAL COMPANY LAW TRIBUNAL
Sushil Mahadeorao Kochey, Charanjeet Singh Gulati, JJ
Mangesh Vitthal Kekre Resolution Professional for PG – Appellant
Versus
Murugan Muthiah Thevar – Respondent
| Table of Content |
|---|
| 1. insolvency initiation process and guarantor's obligations (Para 1 , 2 , 3 , 4 , 5 , 6 , 7 , 8 , 9) |
| 2. resolution professional's recommendations and guarantor's admission (Para 10 , 11 , 12) |
| 3. order for initiation of insolvency process (Para 13) |
| 4. admission of insolvency petition (Para 14) |
ORDER
1. The Company Petition No. (IB) 62 of 2024 has been filed by Bank of Maharashtra for initiation of Insolvency Resolution Process (‘IRP’) against Mr. Murugan Muthiah Thevar (Personal Guarantor). An Interlocutory Application No. 1699 of 2024 in Company Petition (IB) No. 62 of 2024 was filed by the Resolution Professional under Section 60(5) of the Insolvency and Bankruptcy Code, 2016 (‘IBC’/ ‘the Code’) read with Rule 11 of the National Company Law Tribunal Rules, 2016 proposing to take on record his Report under Section 99 of the Code filed with the Application.
2. The Petitioner has filed the given C.P. (IB) No. 62 of 2024 (‘Petition’) under Section 95(1) of the Code read with Rule 7 of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtor) Rules, 2019, seeking initiation of Insolvenc
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