The case pertains to an application under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, read with rule 7(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtor) Rules, 2019. Central Bank of India filed the application against Mr. Anil Kumar Kedia.
Central Bank of India filed an application under Section 95(1) of the Insolvency and Bankruptcy Code, 2016 against Mr. Anil Kumar Kedia, a personal guarantor to a corporate debtor. The application seeks to initiate an insolvency resolution process. The NCLT noted that similar issues were pending before the Supreme Court in Writ Petition (Civil) No. 478/2022 (Gaurav Garg -vs- Union of India & Ors.) and other connected writ petitions, challenging the validity of Sections 95(1), 96(1), 97(5), 99(1), 99(2), 99(4), 99(5), 99(6) and 100 of the Insolvency and Bankruptcy Code, 2016. The Supreme Court had issued interim orders in those petitions. The NCLT adjourned the matter to await the outcome of the Supreme Court's decision and directed the respondent-personal guarantor
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The case pertains to an application under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, read with rule 7(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtor) Rules, 2019. Central Bank of India filed the application against Mr. Anil Kumar Kedia.
Central Bank of India filed an application under Section 95(1) of the Insolvency and Bankruptcy Code, 2016 against Mr. Anil Kumar Kedia, a personal guarantor to a corporate debtor. The application seeks to initiate an insolvency resolution process. The NCLT noted that similar issues were pending before the Supreme Court in Writ Petition (Civil) No. 478/2022 (Gaurav Garg -vs- Union of India & Ors.) and other connected writ petitions, challenging the validity of Sections 95(1), 96(1), 97(5), 99(1), 99(2), 99(4), 99(5), 99(6) and 100 of the Insolvency and Bankruptcy Code, 2016. The Supreme Court had issued interim orders in those petitions. The NCLT adjourned the matter to await the outcome of the Supreme Court's decision and directed the respondent-personal guarantor
…The matter was…
The order…