Violation of principles of natural justice, wherein the appellant was not provided an opportunity for a...

Violation of principles of natural justice, wherein the appellant was not provided an opportunity for a hearing before terminating the insolvency resolution process of the personal guarantor and discharging the resolution professional (RP). The key points are: Section 106 requires the RP to submit a report on the repayment plan within 21 days from the last date of submission of claims u/s 102. Section 105 mandates the debtor to prepare the repayment plan in consultation with the RP. However, the debtor failed to prepare or submit any repayment plan, and there was no communication from the appellant after August 24, 2022. Consequently, no meeting of creditors could be convened. The adjudicating authority rightly concluded that in the absence..... .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X