IA(IBC)/475/KOB/2025

IN

CP (IB)/48/KOB/2024

&

IA(IBC)/473/KOB/2025

IN

CP (IB)/49/KOB/2024

(Under Section 112, Read with Section 114(1) and 115(2) of the Insolvency and Bankruptcy

Code,2016)

Date of Institution:26.11.2025 Order delivered on: 15.12.2025

In the matter of:

M/s Tata Capital Limited Vs. Mr. PV

Mohammed Equbal MEMO OF PARTIES:

Mr. Jasin Jose,

Resolution Professional,

IBBI/IPA-001/IP-P00695/2017-

2018/11225

Ponmattam, Madasserry, Mookkannoor – 683 577.

… Applicant/Resolution Professional

In the matter of:

M/s Tata Capital Limited Vs. Mr.

Ponnuvalappil Zubair

MEMO OF PARTIES:

Mr. Jasin Jose,

Resolution Professional,

IBBI/IPA-001/IP-P00695/2017-

2018/11225

Ponmattam, Madasserry, Mookkannoor – 683 577.

… Applicant/Resolution Professional Coram:

HON’BLE MEMBER (JUDICIAL) : SHRI. VINAY GOEL Appearances:

For the Applicant/Resolution Professional: Mr. Akhil Suresh, Advocate O R D E R

1. These applications arise from the Insolvency Resolution process of Personal Guarantors of M/s Har Auto Private Limited, the Corporate Debtor (CD), hence the applications have been taken together, and a common order is being passed.

2. These applications have been filed by Mr. Jasin Jose, the Resolution Professional (RP) of Mr. PV Mohammed Equbal and Mr. Ponnuvalappil Zubair , Personal Guarantors to M/s. Har Auto Private Limited, seeking an order of this Adjudicating Authority to take on record the meeting of committee of creditors(COC) as per Regulation 17(B) of IBBI (Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Regulations, 2019 and under Section 112 of IBC, 2016, 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, 2016 and pass order declaring that creditors are entitled to proceed with bankruptcy.

3. This Tribunal vide order dated 27.05.2025 in CP(IB)/48/KOB/2024 and CP(IB)/49/KOB/2024 admitted the Insolvency Resolution Process of the Personal Guarantors, Mr. PV Mohammed Equbal and Mr. Ponnuvalappil Zubair, to the Corporate Debtor, M/s. Har Auto Private Limited, in an application by the Financial Creditor, M/s. Tata Capital Limited, under Section 95 of the Insolvency and Bankruptcy Code, 2016.

4. A public announcement intimating the commencement of the insolvency resolution process against these personal guarantors was made on 31.05.2025 in Financial Express, all Kerala Edition and Mathrubhumi, Kannur Edition, inviting claims from creditors, which was subsequently communicated to the Personal Guarantors, Financial Creditor and to this Adjudicating Authority. Accordingly following claims have been admitted: -

5. In compliance with the order passed by this Adjudicating Authority, the Applicant, vide speed post and email dated 05.06.2025, requested the Personal Guarantors to provide all requisite information, extend assistance to the Resolution Professional in preparing the Statement of Affairs, and submit a Repayment Plan under Section 105 of the Insolvency and Bankruptcy Code, 2016. However, the Personal Guarantors failed to respond appropriately and did not show any genuine intend to submit their Statement of Affairs or a Repayment Plan for the settlement of dues in their capacity as Personal Guarantors.

6. The Resolution Professional stated that emails dated 18.06.2025 and

02.07.2025 were sent to the Personal Guarantor seeking complete details for preparation of the Statement of Affairs, along with a sample format, but no response was received. Subsequently, on 12.07.2025, the RP issued a letter through speed post requesting submission of the repayment plan and the requisite details for the Statement of Affairs, to which the Personal Guarantor again did not respond.

7. The Resolution Professional stated that the Personal Guarantors had challenged the PIRP admission order before the Hon’ble High Court of Kerala, which granted an interim stay on 09.07.2025 until 07.08.2025, and subsequently extended the same until 27.08.2025, 08.09.2025, 06.10.2025, 21.10.