NCLT approves termination of personal insolvency resolution process for Rahul Garg, guarantor for Metalore Overseas.
Process terminated due to non-cooperation and failure to submit a repayment plan for Rs 84.38 crore debt.
Creditors, led by Canara Bank with 100% voting share, granted liberty to file for bankruptcy under Chapter IV of IBC.
Moratorium ceases effect, and the resolution professional is discharged with entitlement to costs.