In the matter of Punjab National Bank v. Lora Mitra Rath, Cp (Ib) No. 51/CB/2022
Case brief
What is this about?
The Tribunal addressed an application to initiate insolvency resolution process against a personal guarantor. The Court rejected a limitation defence, finding the petition filed within time. It appointed a resolution professional to examine the application and recommended listing for further orders upon receipt of the professional's report.
What did the court decide?
Objection of limitation turned down; Resolution Professional named (Mr. Saradindu Jena) appointed; matter listed for further orders upon receipt of report.
IN THE NATIONAL COMPANY LAW TRIBUNAL CUTTACK BENCH CUTTACK
CP (IB) No. 51/CB/2022
In the Matter of:
Under Section 95 of Insolvency and Bankruptcy Code 2016 R/w Rule 7(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Process for Personal Guarantors to Corporate Debtors) Rules, 2019;
And
In the Matter of:
Punjab National Bank, Zonal sastra Centre, Pokhariput, Jagamara, Bhubaneswar751030;
Financial creditor/Petitioner.
Versus
Smt. Lora Mitra Rath, W/o Prasanta Chandra Rath, Kairapari, P.O. Kotsahi, P.S. Tangi, Dist: Cuttack, PIN-754 022.
| Personal Guarantor/Respondent. Order reserved on: 08.05.2023 Order pronounced on: 09.05.2023 |
|
|---|---|
| Coram: | |
| Shri P. Mohan Raj Shri Satya Ranjan Prasad |
: Member (Judicial) : Member (Technical) |
| Appearances:- | |
| For the Petitioner: | Mr. S. Jena, CA |
| For the Respondent: |
Mr. Saswat Kumar Acharya, Adv. Mr. S. Pholgu, Adv. |
| Mr. A. Agarwal, Adv. Mr. J. Sahoo, Adv. |
|
| Mr. S. Agarwal, Adv. |
Issues for consideration
2 issues framed by the court
Whether the application initiating insolvency proceedings against the personal guarantor is barred by limitation.
Whether the resolution professional should be appointed upon acceptance of the application.
Parties & counsel
- appellant
Punjab National Bank
- respondent
Smt. Lora Mitra Rath
Coram
P. Mohan Raj
Case details
As recorded by the court registry
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