# In the matter of Bhushan Pankaj Valia

> NCLT judgment dated 2021-11-15. Citation: TCN-2021-NCLT-00501. The application is filed under Section 94 of the Code seeking initiation of Corporate…

- **Court:** NCLT
- **Order date:** 15 Nov 2021
- **Citation:** TCN-2021-NCLT-00501
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/bhushan-pankaj-valia-e5e2c744

## Summary

### Background

The application is filed under Section 94 of the Code seeking initiation of Corporate Insolvency Resolution Process (CIRP) against the Personal Guarantor. The applicant states that the present application is filed through Resolution Professional (RP) and declaration as mentioned in Section 97 of the Code with respect to no disciplinary proceedings being pending against the RP is also obtained.

## Facts

The application is filed under Section 94 of the Code seeking initiation of CIRP against the Personal Guarantor. The applicant states that the present application is filed through RP and declaration as mentioned in Section 97 of the Code with respect to no disciplinary proceedings being pending against the RP is also obtained. The Interim Moratorium shall commence under Section 96 of IBC, 2016 from the date of application. The RP, as suggested by the Applicant, Mrs. Anjali Choksi, having Registration No. IBBI/IPA-01/IPA-P00820/2017-18/11382 is directed to file report within one month. The matter is scheduled to appear on 22.12.2021.

## Issues and analysis

### Issue 1: Whether to initiate CIRP against the Personal …

**Ratio:** Section 94 of the Code allows for the

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**Reasoning:** The court is considering the application filed under Section 94 to initiate CIRP against

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**Interpretation:** Section 94 provides the legal basis for initiating CIRP against a personal

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**Application:** The application is being assessed to determine if the conditions under Section

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## Parties

- **Judges:** Madan B.…; Ajai Das Me…
- **Appellants:** Bhushan Pankaj…
- **Respondents:** UIC Corporation…

## Timeline

- **2021-11-15 — Order Del…**: Order delivered on…
- **2021-12-22 — Matter to…**: Matter to appear on…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 94 — Application by debtor to initiate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-94)

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