# In the matter of Kanchan Nanubhai Desai Personal Guarantor
(Anoushka Medicare & Diagnotics Pvt. Ltd.) 
Vs.
Finquest Financial Solutions Pvt. Ltd. & Anr. Comp. App. (AT) (Ins.) No. 1089, 1090 & 1091 of 2021

> NCLAT judgment dated 2022-01-03. Citation: TCN-2022-NCLAT-00680. These are appeals filed against the judgment and order dated 30.09.2021 passed by the…

- **Court:** NCLAT
- **Order date:** 3 Jan 2022
- **Citation:** TCN-2022-NCLAT-00680
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/kanchan-nanubhai-desai-personal-guarantor-anoushka-medicare-diagnotics-pvt-ltd-v-169500d3

## Summary

### Background

These are appeals filed against the judgment and order dated 30.09.2021 passed by the Adjudicating Authority (National Company Law Tribunal), Mumbai Bench, Court-III, in I.A. 2495/2020 in C.P.(IB)-457(MB)/2020. A Petition was filed under Section 95 of the Insolvency and Bankruptcy Code, 2016 through the Resolution Professional (RP), Sudha Bhushan, against the three Appellants. The Adjudicating Authority passed an order directing the Resolution Professional to exercise powers under Section 99 of the 'I&B Code' and submit recommendations for acceptance or rejection of the Application. The Appellants are aggrieved by this order.

## Facts

Three appeals were filed against a judgment and order dated 30.09.2021 passed by the Adjudicating Authority (National Company Law Tribunal), Mumbai Bench, Court-III, in I.A. 2495/2020 in C.P.(IB)-457(MB)/2020. The petition was filed under Section 95 of the Insolvency and Bankruptcy Code, 2016, through the Resolution Professional (RP), Sudha Bhushan, against Kanchan Nanubhai Desai, Nanubhai Nichhabhai Desai, and Tusharkumar Nanubhai Desai, who are the Appellants in these three appeals. The Adjudicating Authority directed the Resolution Professional to exercise powers under Section 99 of the I&B Code and submit recommendations for acceptance or rejection of the Application. The Appellants argued that the Adjudicating Authority should have sought confirmation of the

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority was required to seek confirmation of the Resolution …

**Ratio:** Section 97 of the I&B Code outlines the procedure for appointing a resolution

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**Reasoning:** The court noted that the Adjudicating Authority had not asked the Board to confirm the

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**Interpretation:** Section 97 mandates that the Adjudicating Authority seek confirmation from the

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**Application:** In this case, even though the Adjudicating Authority did not seek confirmation,

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## Parties

- **Judges:** Ashok Bh…; Jarat Kuma…; +1 more
- **Appellants:** Kanchan Nanubhai…
- **Respondents:** Anoushka Medicare…; Finquest Financial…
- **Advocates:** G. Sai Krishna…; Prakhar T…; +4 more

## Timeline

- **2021-09-30 — Order Da…**: The Adjudicating Authority (National Company Law Tribunal), Mumbai Bench, Court-III,…
- **2022-01-03 — Hearing…**: The National Company Law Appellate…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 95 — Application by creditor to initiate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-95)

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