The case involves a petition filed against a personal guarantor under Section 95 of the Insolvency and Bankruptcy Code (IBC), 2016. The financial creditor sought to initiate insolvency resolution against the personal guarantor. The counsel for the financial creditor requested additional time to provide proof of service of the demand notice to the personal guarantor.
Pridhvi Asset Reconstruction and Securitisation Company Ltd, the petitioner, filed a company petition against Smt. Kadiyala Suneetha (Sri Pavana Keerthi Hotels India Pvt Ltd), the respondent, who is the personal guarantor. The financial creditor's counsel requested more time to produce proof of service of the demand notice on the personal guarantor. The postal cover addressed to the personal guarantor was returned unserved with an endorsement 'door locked'. The counsel for the personal guarantor submitted that the mandatory demand notice was not served before filing the application. The court noted that Section 95 of the IBC mandates a notice to the personal guarantor before initiating insolvency resolution proceedings.
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Attendance cum order…
The case involves a petition filed against a personal guarantor under Section 95 of the Insolvency and Bankruptcy Code (IBC), 2016. The financial creditor sought to initiate insolvency resolution against the personal guarantor. The counsel for the financial creditor requested additional time to provide proof of service of the demand notice to the personal guarantor.
Pridhvi Asset Reconstruction and Securitisation Company Ltd, the petitioner, filed a company petition against Smt. Kadiyala Suneetha (Sri Pavana Keerthi Hotels India Pvt Ltd), the respondent, who is the personal guarantor. The financial creditor's counsel requested more time to produce proof of service of the demand notice on the personal guarantor. The postal cover addressed to the personal guarantor was returned unserved with an endorsement 'door locked'. The counsel for the personal guarantor submitted that the mandatory demand notice was not served before filing the application. The court noted that Section 95 of the IBC mandates a notice to the personal guarantor before initiating insolvency resolution proceedings.
Attendance cum order…