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NATIONAL COMPANY LAW TRIBUNAL
Shri. Rajeev Bhardwaj, J, Shri. Sanjay Puri, T
BANK OF MAHARASHTRA – Appellant
Versus
Shri K. Srinivasa Rao – Respondent
| Table of Content |
|---|
| 1. initiation of bankruptcy proceedings (Para 1 , 2 , 3 , 4 , 5 , 6) |
| 2. closure of insolvency resolution process (Para 7 , 11 , 12) |
| 3. appointment of bankruptcy trustee (Para 13 , 14 , 15) |
| 4. duties and powers of bankruptcy trustee (Para 16 , 17 , 18) |
| 5. notice and claims from creditors (Para 19 , 20) |
| 6. restrictions on bankrupt (Para 21 , 22 , 23) |
| 7. trustee's reporting obligations (Para 24 , 25 , 26 , 27 , 28) |
| 8. issuance of order copies (Para 29 , 30) |
ORDER
1. The Petitioner /Financial Creditor has filed this Application under Section 123 R/w 60(2) of the IBC, 2016 R/w Rule 7 of the IBBI (Application to Adjudicating Authority Bankruptcy Process for Personal Guarantors to Corporate Debtor) Rules, 2019 to initiate Bankruptcy Proceedings against the Personal Guarantor/Respondent No.1 to Corporate Debtor.
2. The Petitioner is a Financial Creditor, who had granted aggregate credit facilities of Rs.5.00 Crores in the form of Cash Credit in favour of Respondent No.2/Corporate Debtor vide sanction letter dated 05.01.2012. (Annexure III – Page Nos.13-18 of the Application).
3. The Respondent No.1 has provided his personal guarantee securing the repayment of the financial assistance
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