# In the matter of Punjab National Bank Vs. Suman Guglani, CP(IB) No. 78/Chd/Hry/2023

> NCLT judgment dated 2023-03-17. Citation: TCN-2023-NCLT-04201. Punjab National Bank filed a petition under Section 95 of the IBC against the respondent, Suman…

- **Court:** NCLT
- **Order date:** 17 Mar 2023
- **Citation:** TCN-2023-NCLT-04201
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/punjab-national-bank-vs-suman-guglani-cp-6fa5e92c

## Summary

### Background

Punjab National Bank filed a petition under Section 95 of the IBC against the respondent, Suman Guglani, who is a personal guarantor. Mr. Priya Bhushan Sharma has been proposed as the Resolution Professional (RP) in this matter. The Registry verified Mr. Sharma's credentials, and no adverse remarks were found against him on the IBBI website.

## Facts

Punjab National Bank filed a petition under Section 95 of the Insolvency and Bankruptcy Code (IBC) against Suman Guglani, the respondent, who is a personal guarantor. Mr. Priya Bhushan Sharma was proposed as the Resolution Professional (RP). The Registry verified Mr. Sharma's credentials and found no adverse remarks against him on the IBBI website. The court appointed Mr. 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 limited notice to the respondent-personal guarantor, requiring their presence within two weeks, returnable on or before 22.05.2023. The petitioner's counsel was directed to file an affidavit regarding the service of notice on the respondent-personal guarantor.

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## Issues and analysis

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

**Ratio:** Section 97 of the IBC allows the Adjudicating Authority to appoint a Resolution

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**Reasoning:** The Registry verified Mr. Sharma's credentials, and no adverse remarks were found against

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**Interpretation:** Section 97 provides the framework for appointing a Resolution Professional,

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**Application:** Since no adverse remarks were found against Mr. Sharma, the court applied

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## Parties

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

## Timeline

- **2023-03-17 — Order Da…**: Order issued appointing Mr. Priya Bhushan Sharma as Resolution Professional and directing…
- **2023-05-22 — Next Hearin…**: Case listed for further hearing. Affidavit regarding service of notice on the…

## 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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