Mr. Hulas Rahul Gupta (the Bankrupt herein) had filed an Application under Section 121 read with Section 122 of the Insolvency and Bankruptcy Code, 2016 (the “code”) before the Hon’ble National Company Law Tribunal, New Delhi Bench, Court-II for initiation of Bankruptcy Process. Pursuant to the same, the Application was listed as IA-4353 of 2024 in the matter of “Hulas Rahul Gupta vs. Union Bank of India bearing CP (IB) No. 985 of 2024” whereby, vide order dated 26.09.2024 (Received by Bankruptcy Trustee on 01.08.2024), Hon’ble National Company Law Tribunal, New Delhi Bench, Court-II has allowed the Application filed u/s 121 r. w. 122 and initiated the Bankruptcy Process of Mr. Hulas Rahul Gupta, Personal Guarantor to M/s Indosolar Limited. Vide the same order, the Mr Vikram Vishal Minhas has been appointed as Bankruptcy Trustee under Section 125 of the code.

In pursuance to the initiation of Bankruptcy Process of Mr. Hulas Rahul Gupta, the estate of the Bankrupt shall vest into the Bankruptcy Trustee in accordance with Section 154 of the Code. Further, in accordance with the Section 128 (1)(c), creditor of the Bankrupt shall not initiate any legal proceeding against the property of the Bankrupt

Moreover, in furtherance of the admission of the Application filed by the Bankrupt, the Bankruptcy Trustee on 02.10.2024 issued a public notice in compliance of Section 130(2) of the Insolvency Bankruptcy Code, 2016 in two newspapers namely Financial Express (English Edition) and Jansatta (Hindi Edition), inviting claims from all creditors within 7 days of the notice issuance. The above public announcement mentions that the last date for claim submission is 09.10.2024.