Punjab National Bank (PNB) filed an application under Section 95(1) of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate the Insolvency Resolution Process (IRP) against Mr. Kunal Jain, who is the personal guarantor for M/s Magppie International Limited, the corporate debtor. PNB is the financial creditor. The application was filed because M/s Magppie International Limited defaulted on its financial obligations. The applicant has proposed Mr. Deepak Mittal as the Resolution Professional. The Adjudicating Authority has confirmed that a copy of the application has been served to both the personal guarantor and the corporate debtor. The Supreme Court has ruled that no judicial adjudication is required at the stages envisaged in Sections 95-99 of the IBC.

Punjab National Bank (PNB) filed an application under Section 95(1) of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate the Insolvency Resolution Process (IRP) against Mr. Kunal Jain, who is the personal guarantor for M/s Magppie International Limited, the corporate debtor. PNB is the financial creditor. The application was filed because M/s Magppie International Limited defaulted on its financial obligations. The applicant has proposed Mr. Deepak Mittal as the Resolution Professional. The Adjudicating Authority has confirmed that a copy of the application has been served to both the personal guarantor and the corporate debtor. The Supreme Court has ruled that no judicial adjudication is required at the stages envisaged in Sections 95-99 of the IBC.