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NATIONAL COMPANY LAW TRIBUNAL
SHRI. VINAY GOEL, MEMBER (JUDICIAL), SMT. MADHU SINHA, MEMBER (TECHNICAL)
M/s J M Financial Asset Reconstruction Company Ltd – Appellant
Versus
Mr. M A Nasser – Respondent
| Table of Content |
|---|
| 1. application details and non-response from the personal guarantor. (Para 1 , 2 , 4 , 5 , 12) |
| 2. creditors' committee decisions and ongoing actions. (Para 8 , 10 , 11) |
| 3. observations on repayment plan submission requirements. (Para 14 , 15 , 16) |
| 4. legal conclusion on implications of non-filing of repayment plan. (Para 17) |
| 5. final orders regarding the application and further procedures. (Para 18 , 19 , 20 , 21) |
ORDER
Per Coram:
1. This application arose from the Insolvency resolution process of Mr. M A Nasser, Personal Guarantor of M/s. J M Financial Asset Reconstruction Company Ltd, the Corporate Debtor. These applications have been filed by CA Mr. Jasin Jose, the Resolution Professional appointed by this Tribunal in the matter of M/s J M Financial Asset Reconstruction Company Ltd with the following prayers: -
i. To take the Report of the Resolution Professional on the meeting of the creditors on record under Sec. 112 of IBC;
ii. Pass an order Non submission of Repayment Plan is as good as rejecting the plan under Section 114 (1) of IBC on the basis of the Report of the meeting of the creditors;
iii. Pass an order under Section 115 (2) of IBC declaring that the creditors
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