In the matter of Punjab National Bank v. Prashanta Chandra Ratha, Cp (Ib) No. 49/CB/2022
Case brief
What is this about?
The NCLT Cuttack Bench disposed of an application filed by Punjab National Bank under Section 95 of IBC 2016 to initiate insolvency resolution against a personal guarantor. The court rejected the limitation objection raised by the guarantor, relied on a Supreme Court SUO Moto order to calculate the extended limitation period, and appointed a resolution professional.
What did the court decide?
Application deemed complete; limitation objection rejected; Mr. Saradindu Jena appointed as Resolution Professional; interim moratorium noted.
IN THE NATIONAL COMPANY LAW TRIBUNAL CUTTACK BENCH CUTTACK
CP (IB) No. 49/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, Bhubaneswar751 030;
Financial Creditor/Petitioner
Versus
Mr. Prashanta Chandra Ratha S/o Late Dhaneswar Rath, Kairapari, P.O. Kotsahi, P.S. Tangi, Dist: Cuttack, PIN-754 022.
| Personal Guarantor/Respondent | |
|---|---|
| Order reserved on: 24.04.2023 Order pronounced on: 09.05.2023 |
|
| Coram: | |
| Shri P. Mohan Raj | : Member (Judicial) |
| Shri Satya Ranjan Prasad | : Member (Technical) |
Issues for consideration
2 issues framed by the court
Whether the application for insolvency resolution against the personal guarantor is barred by limitation despite the acknowledgment of debt and subsequent Supreme Court order extending limitation peri
Whether the objection regarding maintainability and limitation can be decided at the initial stage of the application.
Parties & counsel
- petitioner
Punjab National Bank
- respondent
Mr. Prashanta Chandra Ratha
Coram
P. Mohan Raj
Case details
As recorded by the court registry
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