The case involves an application (IA 1594/2023) filed by the personal guarantor seeking to reopen the matter and advance additional submissions in a case under Section 95 of the Insolvency and Bankruptcy Code (IBC), 2016. The applicant argued that NCLT Hyderabad Bench-I lacked jurisdiction because insolvency proceedings for the Corporate Debtor were pending before Bench-II. The applicant relied on NCLAT judgments stating that applications under Section 95(1) should be heard by the same bench considering the corporate debtor's insolvency resolution or liquidation.
M/s. Catalyst Trusteeship Limited, the petitioner, initiated proceedings against Mr. G Yoganand (Manjeera Retail Holdings Pvt Ltd), the respondent, under Section 95 of the IBC, 2016. The personal guarantor filed an application (IA 1594/2023) seeking to reopen the matter and advance additional submissions, arguing that NCLT Hyderabad Bench-I lacked jurisdiction because insolvency proceedings for the Corporate Debtor were pending before Bench-II. The applicant relied on NCLAT judgments stating that applications under Section 95(1) should be heard by the same bench considering the corporate debtor's insolvency resolution or liquidation. The respondent/financial creditor resisted the application, contending that Section 60(1) of the IBC states that the Adjudicating
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The case involves an application (IA 1594/2023) filed by the personal guarantor seeking to reopen the matter and advance additional submissions in a case under Section 95 of the Insolvency and Bankruptcy Code (IBC), 2016. The applicant argued that NCLT Hyderabad Bench-I lacked jurisdiction because insolvency proceedings for the Corporate Debtor were pending before Bench-II. The applicant relied on NCLAT judgments stating that applications under Section 95(1) should be heard by the same bench considering the corporate debtor's insolvency resolution or liquidation.
M/s. Catalyst Trusteeship Limited, the petitioner, initiated proceedings against Mr. G Yoganand (Manjeera Retail Holdings Pvt Ltd), the respondent, under Section 95 of the IBC, 2016. The personal guarantor filed an application (IA 1594/2023) seeking to reopen the matter and advance additional submissions, arguing that NCLT Hyderabad Bench-I lacked jurisdiction because insolvency proceedings for the Corporate Debtor were pending before Bench-II. The applicant relied on NCLAT judgments stating that applications under Section 95(1) should be heard by the same bench considering the corporate debtor's insolvency resolution or liquidation. The respondent/financial creditor resisted the application, contending that Section 60(1) of the IBC states that the Adjudicating
…Hearing he…
Matter stands a…