https://www.taxtmi.com/caselaws?id=759462 NCLAT Chennai upheld NCLT's order dated 07.02.2024 allowing premature termination of repayment plan under Section 118 of IBC. Personal guarantors failed to comply with repayment schedule despite making initial payment on 27.10.2023. NCLAT held that initial payment cannot excuse subsequent defaults in repayment plan. Resolution professional was within rights to submit report under Section 118(2) following breach of repayment plan per Regulation 20 of IBBI regulations. Appeal dismissed as impugned orders contained no legal or factual flaws warranting appellate interference. en-us Mon, 30 Sep 2024 00:00:00 +0530 Thu, 03 Oct 2024 07:50:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=759462 NCLAT Chennai upheld NCLT's order dated 07.02.2024 allowing premature termination of repayment plan under Section 118 of IBC. Personal guarantors failed to comply with repayment schedule despite making initial payment on 27.10.2023. NCLAT held that initial payment cannot excuse subsequent defaults in repayment plan. Resolution professional was within rights to submit report under Section 118(2) following breach of repayment plan per Regulation 20 of IBBI regulations. Appeal dismissed as impugned orders contained no legal or factual flaws warranting appellate interference. Case-Laws IBC Mon, 30 Sep 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=759462