The case involves a petition under Section 95 of the Insolvency and Bankruptcy Code (IBC), 2016, filed by Pridhvi Asset Reconstruction and Securitisation Company Ltd against Mr. Viragneni Anjaiah, a personal guarantor. The Financial Creditor sought to initiate insolvency resolution against the Personal Guarantor. The Ld. Counsel for the Financial Creditor requested more time to produce proof of service of demand notice on the Personal Guarantor.
Pridhvi Asset Reconstruction and Securitisation Company Ltd filed a petition against Mr. Viragneni Anjaiah (Sri Pavana Keerthi Hotels India Pvt Ltd) under Section 95 of the IBC, 2016. 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 indicating 'addressee absent'. The Personal Guarantor's counsel submitted that the mandatory demand notice was not served before filing the application. Section 95 of the IBC mandates a notice to the Personal Guarantor before initiating insolvency resolution. The court noted the absence of the mandatory notice.
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Hearing held on…
The case involves a petition under Section 95 of the Insolvency and Bankruptcy Code (IBC), 2016, filed by Pridhvi Asset Reconstruction and Securitisation Company Ltd against Mr. Viragneni Anjaiah, a personal guarantor. The Financial Creditor sought to initiate insolvency resolution against the Personal Guarantor. The Ld. Counsel for the Financial Creditor requested more time to produce proof of service of demand notice on the Personal Guarantor.
Pridhvi Asset Reconstruction and Securitisation Company Ltd filed a petition against Mr. Viragneni Anjaiah (Sri Pavana Keerthi Hotels India Pvt Ltd) under Section 95 of the IBC, 2016. 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 indicating 'addressee absent'. The Personal Guarantor's counsel submitted that the mandatory demand notice was not served before filing the application. Section 95 of the IBC mandates a notice to the Personal Guarantor before initiating insolvency resolution. The court noted the absence of the mandatory notice.
Hearing held on…