# 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-04169. 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-04169
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/punjab-national-bank-vs-suhail-guglani-cp-944b591b

## 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.

## 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 has appointed Mr. Priya Bhushan Sharma as the RP and directed him to file a report within two weeks. Notice has been issued to the respondent-personal guarantor, requiring their presence within two weeks, with a return date on or before 22.05.2023.

## Issues and analysis

### Issue 1: Whether Mr. Priya Bhushan Sharma should be …

**Ratio:** Section 97 of the IBC allows the

…

**Reasoning:** The court verified the credentials of Mr. Priya Bhushan Sharma and found no adverse

…

**Interpretation:** Section 97 of the IBC provides the legal basis for appointing a Resolution

…

**Application:** The court applied Section 97 of the IBC to appoint Mr. Priya Bhushan Sharma as

…

## Parties

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

## Timeline

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

## 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/punjab-national-bank-vs-suhail-guglani-cp-944b591b