Approval of the Repayment Plan submitted by the Personal ...

Creditors Reject Repayment Plan; Tribunal Allows Bankruptcy Proceedings, Orders Payment of Resolution Professional's Fees.

April 16, 2024

Case Laws     Insolvency and Bankruptcy     Tri

Approval of the Repayment Plan submitted by the Personal Guarantor - Despite the RP's efforts to submit a repayment plan, it was ultimately rejected by the majority of creditors. Consequently, the Tribunal noted that creditors had the option to file for bankruptcy under Chapter IV, and the RP was relieved of their duties. However, the Tribunal ensured that the RP's approved fees and expenses were to be paid.

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