https://www.taxtmi.com/caselaws?id=761311 The NCLAT dismissed an appeal challenging termination of an insolvency resolution process for a personal guarantor. The appellant argued violation of natural justice principles, claiming lack of hearing opportunity. The tribunal held that under Sections 105-106, the debtor must prepare a repayment plan in consultation with the resolution professional within specified timelines. The appellant failed to submit any repayment plan despite requests and remained silent for years after the August 2022 deadline. When no plan was submitted, Section 115 mandated automatic rejection consequences. The tribunal found the appellant consistently challenged proceedings without substantial grounds while failing to fulfill statutory obligations. The appeal was dismissed as the adjudicating authority's order was justified under the statutory scheme. en-us Wed, 06 Nov 2024 00:00:00 +0530 Fri, 08 Nov 2024 19:58:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=761311 The NCLAT dismissed an appeal challenging termination of an insolvency resolution process for a personal guarantor. The appellant argued violation of natural justice principles, claiming lack of hearing opportunity. The tribunal held that under Sections 105-106, the debtor must prepare a repayment plan in consultation with the resolution professional within specified timelines. The appellant failed to submit any repayment plan despite requests and remained silent for years after the August 2022 deadline. When no plan was submitted, Section 115 mandated automatic rejection consequences. The tribunal found the appellant consistently challenged proceedings without substantial grounds while failing to fulfill statutory obligations. The appeal was dismissed as the adjudicating authority's order was justified under the statutory scheme. Case-Laws IBC Wed, 06 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=761311