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The appellants contended that the insolvency resolution process was not conducted as per the Code and due process was not followed, with bank account details being shared at a belated stage. However, the NCLT held that the appellants failed to comply with the repayment plan conditions and deposit the required amount, constituting a breach under Regulation 20 of the IBBI (Insolvency Resolution Process for Personal Guarantors) Regulations, 2019. The RP was within his rights to submit a report u/s 118(2) of the Code. Initial installment payments cannot excuse subsequent defaults in the repayment schedule. The NCLAT found no apparent factual or legal flaws in the impugned orders declining to recall the orders declaring premature end of the repayment plan and granting liberty to proceed u/s 121 of the Code. The appeal was disposed of.
The appellants contended that the insolvency resolution process was not conducted as per the Code and due process was not followed, with bank account details being shared at a belated stage. However, the NCLT held that the appellants failed to comply with the repayment plan conditions and deposit the required amount, constituting a breach under Regulation 20 of the IBBI (Insolvency Resolution Process for Personal Guarantors) Regulations, 2019. The RP was within his rights to submit a report u/s 118(2) of the Code. Initial installment payments cannot excuse subsequent defaults in the repayment schedule. The NCLAT found no apparent factual or legal flaws in the impugned orders declining to recall the orders declaring premature end of the repayment plan and granting liberty to proceed u/s 121 of the Code. The appeal was disposed of.
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