Union Bank of India (Erstwhile Andhra Bank) filed an application under Section 95 of the IBC, 2016, seeking the initiation of the Insolvency Resolution Process against Mr. P.K. Balasubramanian, who is a personal guarantor. The bank had previously filed an application against Mr. Balasubramanian in CP/5/CHE/2022. The court had already appointed an Interim Resolution Professional (IRP) under Section 97 of the IBC, 2016, via an order dated 07.06.2022. Section 96 of the IBC stipulates that an interim moratorium commences upon the filing of an application under Section 95, preventing further applications against the same respondent.

Union Bank of India (Erstwhile Andhra Bank) filed an application under Section 95 of the IBC, 2016, seeking the initiation of the Insolvency Resolution Process against Mr. P.K. Balasubramanian, who is a personal guarantor. The bank had previously filed an application against Mr. Balasubramanian in CP/5/CHE/2022. The court had already appointed an Interim Resolution Professional (IRP) under Section 97 of the IBC, 2016, via an order dated 07.06.2022. Section 96 of the IBC stipulates that an interim moratorium commences upon the filing of an application under Section 95, preventing further applications against the same respondent.