# 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-04206. 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-04206
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/punjab-national-bank-vs-suhail-guglani-cp-932d3389

## Summary

### Background

The present petition has been filed under Section 95 of the Code against the respondent/ personal guarantor, Suhail Guglani. 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.

## Facts

Punjab National Bank filed a petition under Section 95 of the IBC against Suhail Guglani, the personal guarantor. Mr. Priya Bhushan Sharma has been proposed as the Resolution Professional (RP) for this matter. The Registry has verified the credentials of Mr. Sharma. The court has directed the RP to comply with Section 99 of the I&B Code and file a report within two weeks. The court has issued a limited notice to the respondent-personal guarantor for presence within two weeks, returnable on or before 22.05.2023. The learned counsel for the petitioner is directed to file an affidavit to that effect that notice has been served upon respondent-personal guarantor with proof of service before the next date of hearing. The case is listed on 22.05.2023.

## 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 is acting under the authority of Section 95 of the IBC, which provides the

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**Interpretation:** Section 95 of the IBC provides a mechanism for creditors to recover debts from

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**Application:** The court is applying Section 95 to the facts of the case, where Punjab

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## Parties

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

## Timeline

- **N/A — Petition…**: Punjab National Bank filed a petition under Section 95 of the IBC against Suhail Guglani,…
- **N/A — RP Appoin…**: Mr. Priya Bhushan Sharma has been proposed as the Resolution Professional (RP) for this…

## 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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