# 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-04292. 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-04292
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/coral-conpro-pvt-ltd-vs-saurabh-tayal-cp-a79372b3

## 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 a Personal Guarantor. The petition seeks the initiation of the Insolvency Resolution Process against the personal guarantor.

## Facts

Coral Conpro Pvt. Ltd. filed a company petition under Section 95(1) of the IBC, 2016, against Saurabh Taya, who is a personal guarantor. The petition aims to initiate the Insolvency Resolution Process against Saurabh Taya. During the virtual hearing, the Resolution Professional was present, but neither the Corporate Debtor nor the Personal Guarantor appeared. The NCLT appointed Yatin Kumar Shah as the Interim Resolution Professional (IRP). The IRP is required to examine the petition and submit a report within 10 days from the order date. The matter is scheduled for further hearing on 04.05.2023 for the submission of the IRP's report.

## Issues and analysis

### Issue 1: Whether an Interim Resolution Professional should be appointed to examine the petition filed under …

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

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**Reasoning:** The court reasoned that appointing an IRP is necessary to properly evaluate the petition

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**Interpretation:** Section 95(1) of IBC is interpreted to mean that upon filing of a petition

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**Application:** The court applied the provisions of Section 95(1) by appointing Mr. Yatin Kumar

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## Parties

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

## Timeline

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

## 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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