In the matter of State Bank of India v. Mahendra Kumar Jajodia, Cp (IB)/230(KB)/2021
Case brief
What is this about?
The NCLT Kolkata Bench adjourned an insolvency application against a personal guarantor pending the outcome of comparable challenges to the Insolvency and Bankruptcy Code heard by the Supreme Court. Simultaneously, the court directed the guarantor to refrain from transferring or disposing of assets.
What did the court decide?
The court directed the respondent-personal guarantor not to transfer, alienate, encumber, or dispose of any of his assets or legal rights or beneficial interest therein while awaiting the Supreme Cour
IN THE NATIONAL COMPANY LAW TRIBUNAL KOLKATA BENCH KOLKATA
C.P.(IB)/230(KB)2021
Under section 95(1) of the Insolvency and Bankruptcy Code, 2016 read with rule 7(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtor) Rules, 2019.
In the matter of: State Bank of India ...Applicant -VersusMahendra Kumar Jajodia ... Respondent
Order Reserved on: 20/06/2022 Order Pronounced on: 15/07/2022 Coram: Shri Rohit Kapoor : Member (Judicial) Shri Harish Chander Suri : Member (Technical) Appearances (through video conferencing) For Financial Creditor : Mr. Santosh Kumar Ray, Adv Ms. Rituparna Sanyal, Adv. For Respondent-Personal Guarantor : Mr. Supriyo Gole, Adv.
O R D E R
Per: Rohit Kapoor, Member (Judicial)
- The Court convened via hybrid mode.
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In the National Company Law Tribunal Kolkata Bench, Kolkata
Issues for consideration
2 issues framed by the court
Whether the matter can be adjudicated on merits pending a pending Supreme Court challenge against Sections 95, 96, 97, 99, and 100 of the Insolvency and Bankruptcy Code.
Whether to direct the personal guarantor to restrain transfer, alienation, encumbrance, or disposal of assets and legal rights in light of the pending Supreme Court writ petitions.
Parties & counsel
- applicant
State Bank of India
- respondent
Mahendra Kumar Jajodia
Coram
Rohit Kapoor
Case details
As recorded by the court registry
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