# In the matter of Hulas Rahul Gupta vs. Union Bank of India & Ors.

> NCLT judgment dated 2024-09-09. Citation: TCN-2024-NCLT-00640. The present application, IA-4353/2024, has been preferred by the Debtor/Personal Guarantor,…

- **Court:** NCLT
- **Order date:** 9 Sept 2024
- **Citation:** TCN-2024-NCLT-00640
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/hulas-rahul-gupta-vs-union-bank-of-india-ors-502bb391

## Summary

### Background

The present application, IA-4353/2024, has been preferred by the Debtor/Personal Guarantor, Hulas Rahul Gupta, under Section 122 of the Insolvency and Bankruptcy Code (IBC), 2016, for the commencement of bankruptcy proceedings. The applicant has suggested the name of Vikram Vishal Minhas as the Resolution Professional.

## Facts

Hulas Rahul Gupta, the Debtor/Personal Guarantor, filed an application (IA-4353/2024) under Section 122 of the IBC, 2016, seeking the commencement of bankruptcy proceedings. The applicant proposed Vikram Vishal Minhas as the Resolution Professional. The Insolvency and Bankruptcy Board of India (IBBI) provides a panel of IPs for appointment as Interim Resolution Professionals (IRPs) in Corporate Insolvency Resolution Processes (CIRPs) under Section 16(4), Liquidators under Section 34(6), Resolution Professionals (RPs) under Section 97(4) or 98(3), and Bankruptcy Trustees under Section 125(4), 146(3) of 174(3) of the IBC, 2016. The applicant suggested the name of Vikram Vishal Minhas, Registration No. IBBI/IPA-001/IP-P01534/2018-2019/12398, who acted as RP qua Insolvency

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## Issues and analysis

### Issue 1: Whether the proposed Insolvency Professional can be appointed as the Bankruptcy Trustee under …

**Ratio:** Section 125 of the IBC outlines the procedure for appointing an Insolvency Professional

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**Reasoning:** The court reasoned that Section 125 of the Code has a different spirit than Section 16(2)

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**Interpretation:** Section 125 of the IBC is interpreted to mean that the Adjudicating Authority

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**Application:** In this case, the court applied the provisions of Section 125 by directing the

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## Parties

- **Judges:** SH. ASHOK KUMAR…; SH. SUBRATA KUMAR…
- **Appellants:** Hulas Rahul…
- **Respondents:** Union Bank of…

## Timeline

- **2024-09-09 — Order Del…**: Order delivered by the NCLT regarding the application for commencement of bankruptcy…
- **2024-09-26 — Next Hearin…**: The matter is listed for…

## 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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