Regulation 20 - Breach of repayment plan by the guarantor
Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Regulations, 2019 Chapter V REPAYMENT PLAN
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Repayment plan enforcement: resolution professional may require guarantor to remedy breach or seek adjudicating authority directions. Regulation 20 requires the resolution professional, upon forming an opinion that a guarantor has failed to implement the repayment plan, to issue notice within three days and require the guarantor to remedy the failure or explain it within fifteen days; if remedied or satisfactorily explained, the resolution professional must report to creditors within seven days, and otherwise may apply to the Adjudicating Authority for directions if the failure threatens implementation of the repayment plan.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Repayment plan enforcement: resolution professional may require guarantor to remedy breach or seek adjudicating authority directions.
Regulation 20 requires the resolution professional, upon forming an opinion that a guarantor has failed to implement the repayment plan, to issue notice within three days and require the guarantor to remedy the failure or explain it within fifteen days; if remedied or satisfactorily explained, the resolution professional must report to creditors within seven days, and otherwise may apply to the Adjudicating Authority for directions if the failure threatens implementation of the repayment plan.
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