TaxTMI 
TaxTMI 
2025 (11) TMI 382
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....e bunch of six Company Appeals, all preferred by invoking the provisions under Section 61 of the I & B Code, 2016. 2. Comp App (AT) (CH) (Ins) No.424/2023, 425/2023, 426/2023 & 427/2023 have been preferred by the Appellant Mr. Satheesh Babu V.K, Mr. Saleesh K Satheesh, Mr. Rajesh K.S and Bindya Saleesh being aggrieved as against the common impugned order dated 13.10.2023, that was passed in IA(IBC)/4/KOB/2023 in CP(IB)/16/KOB/2022, IA(IBC)/5/KOB/2023 in CP(IB)/17/KOB/2022, IA(IBC)/3/KOB/2023 in CP(IB)/15/KOB/2022, IA(IBC)/6/KOB/2023 in CP(IB)/18/KOB/2022 respectively. The Appellants herein are personal guarantors, and the Interlocutory Applications had been preferred by the RP, Respondent herein, under Section 114 of the I & B Code, 2016, to be read with Regulations 20 & 22 of IBBI (Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Regulations, 2019, before the Learned Adjudicating Authority. Learned Adjudicating Authority after hearing both sides, proceeded to pass impugned order observing that, the Resolution Professional in his report filed as per the provisions contained under Section 112 of the I & B Code, 2016, had stated that, no repayment plan, ....
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....rs and the Committee of Creditors, no viable repayment plan for the debt due, was filed and that the objections raised by the opposite party, is only to keep the proceedings pending for no valid and justifiable reasons and accordingly proceeded to pass the following orders:- "11. As per Section 105 of IBC, 2016, the debtor/personal guarantors shall submit repayment plan, then the Resolution Professional shall submit the repayment plan along with his report to the Adjudicating Authority. The Adjudicating Authority then shall pass an order either approving or rejecting the report. In these cases, no repayment plans were filed by the debtor. The non-filing of the repayment plans has the same effect of rejection of repayment plan. In the situation as provided under Section 115(2) of IBC, 2016 it is ordered that the debtor and creditors shall be entitled to file an application for Bankruptcy under Chapter IV of the code under part III". Aggrieved by the said order, these 4 Company Appeals have been filed before this Tribunal. 6. When these Company Appeals were taken up for consideration by this Appellate Tribunal, an interim order, was granted on 11.12.2023, and that rema....
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....tion for bankruptcy, against which the instant appeals have been filed. The Applicant State Bank of India has further contended that the Appellants have not made him as party in the Appeals, that he is likely to be affected if any decision is taken in the Company Appeal, that because of interim order he is unable to recover his dues and therefore he will be a necessary party to be heard in the instant appeal and to make his submissions in the interest of justice. 8. The justification for intervention by State Bank of India was considered by us in detail. Since, the proposed applicant intervenor, is the petitioner who had initiated of the proceedings under Section 7 of the I & B Code, 2016, as well as Section 95 of the I & B Code, 2016, as against the personal guarantors, we are of the view that the applicant will be a necessary party to the said Appeals. Further, the Intervention Applications are not opposed by the respective Appellants. 9. When this Intervention Application was filed, the Applicant State Bank of India gave an oral proposal, during the course of argument that, in the event, if the Appellants are agreeable to submit the repayment plan now, the same would be di....
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.... 106. Report of resolution professional on repayment plan. - (1) The resolution professional shall submit the repayment plan under section 105, along with his report on such plan, to the Adjudicating Authority within a period of twenty-one days from the last date of submission of claims under section 102. 6. In the present case, RP has already prepared the list of creditors and constituted the committee of creditors. Therefore, it is submitted that State Bank of India has no objection to grant a further 30 days to the appellants for submitting the repayment plan to the RP. If the appellants submit the repayment plans, RP and COC shall consider the plan within 30 days, and RP shall proceed in accordance with the law. In the event further time is required, RP may be given the right to approach the Hon'ble NCLT. If no repayment plan is submitted within the timeline, RP may be permitted to proceed in accordance with the law". The proposal offered by the intervenor, is stated to be acceptable by the Appellants, hence, this order is being passed by way of consent. 11. Owing to the aforesaid undertaking, as observed in the order passed by us on 17.09.2025, ....