Naseer Ahmed Vs Ravindra Beleyur (NCLAT Chennai)
NCLAT Chennai held that delay of 26 days in filing of the report under Section 106 of the Insolvency and Bankruptcy Code, 2016, by the Resolution Professional condoned as reasonable cause of non-submission of the repayment plan and relevant information by the Guarantor shown.
Facts- Issue involved herein is that as per the provisions of Section 106 of the I & B Code, 2016, the Resolution Professional was expected to submit before the Ld. Adjudicating Authority the repayment plan received from the Personal Guarantor along with his report on such plan within the prescribed period stipulated therein i.e., within 21 days from the last date of submission of the claim under Section 102 of I & B Code, 2016, that is, by 20.08.2022, but he submitted the report on 15.09.2022.
It was contended that despite of several follow-ups being made, the Personal Guarantor did not submit any information or the repayment plan as required under the regulations and hence he could not submit the Report required to be filed u/s. 106 of the I & B Code, 2016, in time and that there is a delay of 26 days in submitting the same which may be condoned.
