An application was filed under Section 95 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking the Corporate Insolvency Resolution Process (CIRP) of the Personal Guarantor. The issuance of notice was pending due to the issue of maintainability being before the Hon'ble Supreme Court. A Resolution Professional was not appointed, and a report was not called for. The Personal Guarantor challenged the maintainability of the application, arguing that an order passed by the Hon'ble NCLAT declared that the pendency of CIRP of the corporate debtor is not essential for proceeding against the Personal Guarantor, which was stayed by the Hon'ble Supreme Court. The matter was pending consideration.
An application was filed under Section 95 of the IBC, 2016, seeking CIRP of the Personal Guarantor, Avinash Prakashchandra Bhandari. The issue of maintainability was pending before the Hon'ble Supreme Court. The Personal Guarantor challenged the maintainability of the application based on an order by the Hon'ble NCLAT, which stated that the pendency of CIRP of the corporate debtor is not essential for proceeding against the Personal Guarantor. This order was initially stayed by the Hon'ble Supreme Court. However, on 06.05.2022, the Hon'ble Supreme Court dismissed the appeal and upheld the NCLAT's order. The applicant requested the appointment of a Resolution Professional. The Personal Guarantor's counsel sought time to file a reply after receiving the report.
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The Hon'ble Supreme Court dismissed the appeal…
Order delivered by the…
An application was filed under Section 95 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking the Corporate Insolvency Resolution Process (CIRP) of the Personal Guarantor. The issuance of notice was pending due to the issue of maintainability being before the Hon'ble Supreme Court. A Resolution Professional was not appointed, and a report was not called for. The Personal Guarantor challenged the maintainability of the application, arguing that an order passed by the Hon'ble NCLAT declared that the pendency of CIRP of the corporate debtor is not essential for proceeding against the Personal Guarantor, which was stayed by the Hon'ble Supreme Court. The matter was pending consideration.
An application was filed under Section 95 of the IBC, 2016, seeking CIRP of the Personal Guarantor, Avinash Prakashchandra Bhandari. The issue of maintainability was pending before the Hon'ble Supreme Court. The Personal Guarantor challenged the maintainability of the application based on an order by the Hon'ble NCLAT, which stated that the pendency of CIRP of the corporate debtor is not essential for proceeding against the Personal Guarantor. This order was initially stayed by the Hon'ble Supreme Court. However, on 06.05.2022, the Hon'ble Supreme Court dismissed the appeal and upheld the NCLAT's order. The applicant requested the appointment of a Resolution Professional. The Personal Guarantor's counsel sought time to file a reply after receiving the report.
The Hon'ble Supreme Court dismissed the appeal…
Order delivered by the…