UCO Bank filed appeals challenging orders by the Adjudicating Authority (NCLT, Kolkata Bench) rejecting applications to initiate CIRP under Section 95(1) of the IBC against personal guarantors. The Adjudicating Authority rejected the applications because the principal borrower was not under CIRP or liquidation.
UCO Bank advanced financial facilities to M/s. Sri Munisuvrata Agri International Limited.
Navin Kumar Jain, Director of the Corporate Debtor, stood as Personal Guarantor.
UCO Bank filed an application under Section 95(1) of the IBC to recover dues of Rs. 97,76,57,936/- as on 31.03.2021.
The Adjudicating Authority rejected the application on the ground that the principal borrower was not under CIRP or liquidation.
The NCLAT considered the interpretation of Section 60 of the IBC regarding the jurisdiction of the Adjudicating Authority in relation to personal guarantors.
Sign in to view the parties.
Dues of Rs.97,76,57,936/…
Application under Section 95(1) as per Rule…
UCO Bank filed appeals challenging orders by the Adjudicating Authority (NCLT, Kolkata Bench) rejecting applications to initiate CIRP under Section 95(1) of the IBC against personal guarantors. The Adjudicating Authority rejected the applications because the principal borrower was not under CIRP or liquidation.
UCO Bank advanced financial facilities to M/s. Sri Munisuvrata Agri International Limited.
Navin Kumar Jain, Director of the Corporate Debtor, stood as Personal Guarantor.
UCO Bank filed an application under Section 95(1) of the IBC to recover dues of Rs. 97,76,57,936/- as on 31.03.2021.
The Adjudicating Authority rejected the application on the ground that the principal borrower was not under CIRP or liquidation.
The NCLAT considered the interpretation of Section 60 of the IBC regarding the jurisdiction of the Adjudicating Authority in relation to personal guarantors.
Dues of Rs.97,76,57,936/…
Application under Section 95(1) as per Rule…