NCLT Declares Arvindbhai Patel Bankrupt for ₹57.66 Crore

NCLT Ahmedabad declares Mr. Arvindbhai Kacharabhai Patel bankrupt under IBC 2016 for a total debt of ₹57.66 crore as personal guarantor to MAP Refoils India Limited.
The order appoints a bankruptcy trustee to take custody of all assets and directs the hiring of a detective agency to trace undisclosed assets of the guarantor.
The bankrupt is restricted from overseas travel without tribunal permission and must submit a statement of financial position within seven days.
The financial creditor, Central Bank of India, is directed to deposit ₹2,00,000 towards the bankruptcy trustee's initial fees.