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NCLAT held that non-submission of Repayment Plan by Personal Guarantor constitutes deemed rejection under Section 114 of Insolvency and Bankruptcy Code, 2016. The Tribunal affirmed Adjudicating Authority's order permitting Creditors to initiate bankruptcy proceedings under Chapter IV, finding no violation of natural justice. The decision establishes that Personal Guarantor cannot leverage procedural technicalities to circumvent bankruptcy process when Repayment Plan remains unsubmitted. Consequently, the appeal was dismissed, validating the lower court's interpretation of Sections 114, 115(2), and 121(1)(b) of the Code.
NCLAT held that non-submission of Repayment Plan by Personal Guarantor constitutes deemed rejection under Section 114 of Insolvency and Bankruptcy Code, 2016. The Tribunal affirmed Adjudicating Authority's order permitting Creditors to initiate bankruptcy proceedings under Chapter IV, finding no violation of natural justice. The decision establishes that Personal Guarantor cannot leverage procedural technicalities to circumvent bankruptcy process when Repayment Plan remains unsubmitted. Consequently, the appeal was dismissed, validating the lower court's interpretation of Sections 114, 115(2), and 121(1)(b) of the Code.
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