# In the matter of Punjab National Bank Vs. Rahul Jain, CP (IB) No. 60/Chd/Pb/2022

> NCLT judgment dated 2022-06-27. Citation: TCN-2022-NCLT-02021. The case involves Punjab National Bank, the Petitioner-Financial Creditor, versus Rahul Jain,…

- **Court:** NCLT
- **Order date:** 27 Jun 2022
- **Citation:** TCN-2022-NCLT-02021
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/punjab-national-bank-vs-rahul-jain-cp-e67d5583

## Summary

### Background

The case involves Punjab National Bank, the Petitioner-Financial Creditor, versus Rahul Jain, the Respondent/Personal Guarantor. The matter is being conducted through web-based video conferencing before the National Company Law Tribunal, Chandigarh Bench. The case is filed under Section 95 of the IBC, 2016.

## Facts

Punjab National Bank is the financial creditor (Petitioner) and Rahul Jain is the personal guarantor (Respondent). The case is under Section 95 of the IBC, 2016. The Registry verified the antecedents of the Resolution Professional and found no adverse remarks. Mrs. Anuradha Gupta is appointed as the Resolution Professional. The Resolution Professional is directed to comply with Section 99 of the Code and submit a report before the next hearing. The Respondent must file any objections within three weeks with the Resolution Professional, with a copy to the opposing counsel. The matter is listed on 09.09.2022.

## Issues and analysis

### Issue 1: Whether Mrs. Anuradha Gupta should be appointed …

**Ratio:** The court has the power to appoint a Resolution Professional based on the verification of

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**Reasoning:** The Registry verified the antecedents of the Resolution Professional and reported no

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**Interpretation:** The court interprets the IBC to allow for the appointment of a Resolution

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**Application:** Since the Registry found no adverse remarks against Mrs. Anuradha Gupta, the

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## Parties

- **Judges:** SUBRATA KUM…; Harnam Singh…
- **Appellants:** Punjab National…
- **Respondents:** Rahul…

## Timeline

- **2022-05-06 — Order Da…**: Order dated 06.05.2022. Registry verified the…
- **2022-06-27 — Order Da…**: Order issued on June…

## 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)

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