(SPECIAL)

&

IA(IBC)/04/KOB/2023 IN CP(IB)/16/KOB/2022 &

IA(IBC)/05/KOB/2023 IN CP(IB)/17/KOB/2022 &

IA(IBC)/06/KOB/2023 IN CP(IB)/18/KOB/2022 (Under Section 114 of IBC, 2016 read with Regulations 20 & 22 of the IBBI (Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Regulations, 2019)

MEMO OF PARTIES:

In the matter of: State Bank of India Vs. Mr. Rajesh K S (Personal Guarantor)

DILEEP K P, Resolution Professional, S/o. C K Prabhakaran, Veluthedath House, Ponnurunni, Vytilla P O, Kochi – 682 019.

… Applicant In the matter of: State Bank of India Vs. Mr. Satheesh Babu V K (Personal Guarantor)

DILEEP K P, Resolution Professional, S/o. C K Prabhakaran, Veluthedath House, Ponnurunni, Vytilla P O, Kochi – 682 019.

… Applicant In the matter of: State Bank of India Vs. Mr. Saleesh K Satheesh (Personal Guarantor)

DILEEP K P, Resolution Professional, S/o. C K Prabhakaran, Veluthedath House, Ponnurunni, Vytilla P O, Kochi – 682 019.

… Applicant In the matter of: State Bank of India Vs. Mr. Bindya Saleesh (Personal Guarantor)

DILEEP K P, Resolution Professional, S/o. C K Prabhakaran, Veluthedath House, Ponnurunni, Vytilla P O, Kochi – 682 019.

… Applicant Coram:

Shri P. Mohan Raj : Member (Judicial)

Shri Satya Ranjan Prasad : Member (Technical)

Appearances (through video conferencing)

For Applicant : Mr. Dileep K P, RP For Personal Guarantors : Ms. Srishti Thukral, Advocate Order reserved on: 10.08.2023 Order pronounced on: 13.10.2023

O R D E R

1. All these Applications arise from the Insolvency resolution process of Personal Guarantors of Propyl Packaging Ltd., the Corporate Debtor (CD), hence the applications have been taken together and common order is passed.

2. These applications have been filed by Mr. Dileep K P., the Resolution Professional(RP) of Mr. Rajesh K S, Mr. Satheesh Babu V K, Mr. Saleesh K Satheesh, and Mr. Bindya Saleesh, Personal Guarantors to Propyl Packaging Ltd., seeking an order of this Adjudicating Authority to take on record the meeting of committee of creditors(COC) under section 112 of IBC, and to issue direction on account of non-receipt of a repayment plan as per the report of the resolution professional under section 114 of IBC, and pass order declaring that creditors are entitled to proceed with bankruptcy.

3. The insolvency resolution process against Mr. Rajesh K S, Mr. Satheesh Babu V K, Mr. Saleesh K Satheesh, and Mr. Bindya Saleesh, (hereinafter ‘these Personal Guarantors’) to Propyl Packaging Ltd. was initiated by way of an application under section 95 by the State Bank of India.

4. These applications were admitted by this Adjudicating Authority by way of an order dated 21.03.2022 in CP(IB)/15/KOB/2022, CP(IB)/16/KOB/2022, CP(IB)/17/KOB/2022, and CP(IB)/18/KOB/2022 and the applicant herein was appointed as the resolution professional under section 97. Subsequently based on RP’s report, these personal guarantors were admitted to CIRP vide order dated 22.06.2022

5. A public announcement intimating the commencement of the insolvency resolution process against these personal guarantors were made on 29.06.2022 in Business Line Kerala Edition and Kerala Kaumudy, Kochi & Thrissur Edition, inviting claims from creditors. Accordingly following claims have been admitted :-

6. RP