# In the matter of LH Asian Trade Finance Fund Ltd Vs. Piyoosh Goyal, CP (IB) No. 432 (ND)/2022

> NCLT judgment dated 2022-06-02. Citation: TCN-2022-NCLT-02463. The case involves an application filed by the Resolution Professional under Section 95 of the…

- **Court:** NCLT
- **Order date:** 2 Jun 2022
- **Citation:** TCN-2022-NCLT-02463
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/lh-asian-trade-finance-fund-ltd-vs-piyoosh-goyal-cp-7ca8b96e

## Summary

### Background

The case involves an application filed by the Resolution Professional under Section 95 of the Code against the personal guarantor, Piyoosh Goyal. The applicant's counsel stated that the Demand Notice in Form-B has already been served to the personal guarantor. The counsel seeks to pass an order as required under Section 96 & 97 IBC.

## Facts

The Resolution Professional filed an application under Section 95 of the Code against Piyoosh Goyal, the personal guarantor. The applicant's counsel confirmed that the Demand Notice in Form-B had been served to the personal guarantor. The counsel requested the court to pass an order under Section 96 & 97 IBC. The court then ordered the initiation of an Interim Moratorium under section 96 of the Code and appointed Mr. Rakesh Kumar Jain as the Insolvency Resolution Professional. Mr. Jain is required to submit a report within four weeks. A notice was issued to the Personal Guarantor, and the case was listed for further proceedings on 2022-07-26.

## Issues and analysis

### Issue 1: Whether to initiate Interim …

**Ratio:** Section 96 of the Code allows for the initiation of an Interim Moratorium upon

…

**Reasoning:** The court considered the application filed by the Resolution Professional and the

…

**Interpretation:** Section 96 provides the legal basis for initiating an Interim Moratorium when

…

**Application:** Given that the application was filed under Section 95 and the Demand Notice was

…

## Parties

- **Judges:** DHARMINDER…; SUMITAPURKA…
- **Appellants:** LH Asian Trade…
- **Respondents:** Piyoosh…

## Timeline

- **N/A — Application…**: The Resolution Professional filed an application under Section 95 of the Code against the…
- **N/A — Demand Notice…**: The applicant's counsel submitted that the Demand Notice in Form-B had already been…

## Legal provisions

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

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/lh-asian-trade-finance-fund-ltd-vs-piyoosh-goyal-cp-7ca8b96e