The Chennai bench of the Debts Recovery Tribunal(DRT) directed to admit application filed by financial creditor under section 126 (1) of the Insolvency and Bankruptcy Code, 2016 (IBC) on observing that Tribunal being the Adjudicating Authority had rejected the repayment plan under Section 114, the debtor and the creditors are entitled to file an application for bankruptcy under Chapter IV.
KEB Hana Bank, the applicant filed application under Rule 7(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019 to initiate Insolvency Resolution Processas against the personal guarantor to the Corporate Debtor…