NCLT Initiates Insolvency Proceedings Against Dilip Chhabria Design Guarantor Kiran Kumar Jain | Representative Image
The National Company Law Tribunal (NCLT) has admitted a petition filed by Cosmos Co-operative Bank Ltd (the Financial Creditor) to initiate a personal insolvency resolution process against Kiran Kumar Jain, personal guarantor (respondent) to M/s. Dilip Chhabria Design Pvt. Ltd. (the Corporate Debtor). The petition was filed under Section 95 of the Insolvency and Bankruptcy Code, 2016 (IBC), seeking to recover a total outstanding debt of Rs 42.02 crore as of November 30, 2020.
In its order, the NCLT noted: “The fact of disbursal prior to the issuance of the Bank…