# In the matter of Punjab National Bank Vs. Suhail Guglani, CP(IB) No. 77/Chd/Hry/2023

> NCLT judgment dated 2023-03-17. Citation: TCN-2023-NCLT-04184. The present petition has been filed under Section 95 of the Code against the respondent/…

- **Court:** NCLT
- **Order date:** 17 Mar 2023
- **Citation:** TCN-2023-NCLT-04184
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/punjab-national-bank-vs-suhail-guglani-cp-04c8881f

## Summary

### Background

The present petition has been filed under Section 95 of the Code against the respondent/ personal guarantor. Mr. Priya Bhushan Sharma has been proposed as RP in this matter. The Credentials of Mr. Priya Bhushan Sharma, RP has been checked and verified by Registry through Mr. Vikram, OA in CP(IB) No. 39/Chd/Hry/2023 titled as Punjab National Bank Vs. Sunil Guglani. As per the said report, no adverse remark has been found against the said Insolvency Professional in the website ibbi.gov.in. Thus, Mr. Priya Bhushan Sharma is appointed as Resolution Professional under Section 97 of the IBC and is directed to comply with the provisions of Section 99 of the I&B Code, 2016 and file the report accordingly within two weeks.

## Facts

Punjab National Bank filed a petition against Suhail Guglani, who is the respondent and personal guarantor. The petition was filed under Section 95 of the IBC. Mr. Priya Bhushan Sharma has been proposed as the Resolution Professional (RP) and his credentials have been verified. The court appointed Mr. Priya Bhushan Sharma as the RP and directed him to comply with Section 99 of the I&B Code, 2016 and file a report within two weeks. The court issued a notice to the respondent-personal guarantor, requiring their presence within two weeks, returnable on or before 22.05.2023. The petitioner's counsel is directed to file an affidavit confirming that the notice has been served upon the respondent-personal guarantor with proof of service before the next date of hearing.

## Issues and analysis

### Issue 1: Whether the petition filed under Section 95 of the IBC against the personal guarantor is …

**Ratio:** Section 95 of the IBC allows a creditor to initiate insolvency resolution process against

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**Reasoning:** The court has entertained the petition filed under Section 95 of the IBC, indicating that

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**Interpretation:** Section 95 provides a mechanism for creditors to recover their dues from

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**Application:** The petition was filed by Punjab National Bank against Suhail Guglani, the

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## Parties

- **Judges:** SUBRATA KUM…; Harnam Singh…
- **Appellants:** Punjab National…
- **Respondents:** Suhail Gu…
- **Advocates:** Pulkit…

## Timeline

- **2023-03-17 — Order Da…**: Order issued by the…
- **2023-05-22 — Next Hearin…**: Next date of hearing…

## 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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