# In the matter of Coral Conpro Pvt Ltd. Vs. Saurabh Tayal, CP (IB)/1226(MB)/2021

> NCLT judgment dated 2023-03-07. Citation: TCN-2023-NCLT-04296. The case involves a Company Petition filed by Coral Conpro Pvt. Ltd. under Section 95(1) of the…

- **Court:** NCLT
- **Order date:** 7 Mar 2023
- **Citation:** TCN-2023-NCLT-04296
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/coral-conpro-pvt-ltd-vs-saurabh-tayal-cp-001b3e82

## Summary

### Background

The case involves a Company Petition filed by Coral Conpro Pvt. Ltd. under Section 95(1) of the Insolvency and Bankruptcy Code (IBC), 2016, against Mr. Saurabh Taya, who is the Personal Guarantor, for the initiation of the Insolvency Resolution Process. The hearing was conducted by the Mumbai Bench of the National Company Law Tribunal (NCLT).

## Facts

Coral Conpro Pvt. Ltd. filed a company petition under Section 95(1) of the IBC, 2016, against Mr. Saurabh Taya, who is a Personal Guarantor. The petition seeks to initiate the Insolvency Resolution Process against Mr. Taya. During the virtual hearing, Adv. Kunal Godhwani appeared for the Resolution Professional. Mr. Yatin Kumar Shah was appointed as the Interim Resolution Professional (IRP). The IRP/RP is directed to examine the petition and submit a report within 10 days. The matter is listed on 04.05.2023 for submission of the report.

## Issues and analysis

### Issue 1: Whether the petition filed by Coral Conpro Pvt. Ltd. against Mr. Saurabh Taya under Section 95(1) …

**Ratio:** Section 95(1) of the IBC, 2016 allows a creditor to initiate insolvency resolution

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**Reasoning:** The court considered the provisions of Section 95(1) of the IBC, 2016, which allows for

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**Interpretation:** Section 95(1) of IBC is interpreted to mean that a creditor can initiate

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**Application:** The application of Section 95(1) to the facts of the case means that Coral

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## Parties

- **Judges:** ANURADHA SANJAY…; KISHORE VEMULAPALL…
- **Appellants:** Coral Conpro Pvt.…
- **Respondents:** Saurabh…
- **Advocates:** Kunal God…

## Timeline

- **2023-03-07 — Hearing…**: Hearing of Mumbai Bench of the…
- **2023-05-04 — Report Submiss…**: Matter listed for submission of the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 95(1) — Application by creditor to initiate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-95)

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