This case involves a petition filed under Section 95(1) of the Insolvency and Bankruptcy Code (IBC) against a personal guarantor. The petitioner sought to withdraw the petition, citing pending adjudication before the Supreme Court regarding the applicability of insolvency proceedings against personal guarantors to corporate debtors. The petitioner requested permission to withdraw the petition with the liberty to file fresh proceedings later.
A petition was filed under Section 95(1) of the Insolvency and Bankruptcy Code against the personal guarantor, Praful NanjiSatra. The petitioner, Mayank Shah, sought to withdraw the petition. The reason for withdrawal was the pending adjudication before the Supreme Court regarding the applicability and validity of provisions related to personal guarantors to corporate debtors under the IBC. The notification dated 15th November, 2019, issued by the Ministry of Corporate Affairs, brought into force certain provisions of the IBC relating to 'personal guarantors to corporate debtors' with effect from 1st December, 2019. These provisions are now challenged and pending adjudication before the Supreme Court. The petitioner requested the court to permit withdrawal of the
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This case involves a petition filed under Section 95(1) of the Insolvency and Bankruptcy Code (IBC) against a personal guarantor. The petitioner sought to withdraw the petition, citing pending adjudication before the Supreme Court regarding the applicability of insolvency proceedings against personal guarantors to corporate debtors. The petitioner requested permission to withdraw the petition with the liberty to file fresh proceedings later.
A petition was filed under Section 95(1) of the Insolvency and Bankruptcy Code against the personal guarantor, Praful NanjiSatra. The petitioner, Mayank Shah, sought to withdraw the petition. The reason for withdrawal was the pending adjudication before the Supreme Court regarding the applicability and validity of provisions related to personal guarantors to corporate debtors under the IBC. The notification dated 15th November, 2019, issued by the Ministry of Corporate Affairs, brought into force certain provisions of the IBC relating to 'personal guarantors to corporate debtors' with effect from 1st December, 2019. These provisions are now challenged and pending adjudication before the Supreme Court. The petitioner requested the court to permit withdrawal of the
…Notification issued by the Ministry of…
The provisions of the Insolvency and…