Partly allowed

In the matter of Tata Capital Financial Services Ltd. v. Narendra S Sabnani, Cp (Ib) No. 913(MB)/2022

NCLT9 Feb 2023

Case brief

AI extract

What is this about?

The Tribunal considered a Company Petition filed by Tata Capital Financial Services Limited against Narendra S Sabnani for initiation of Insolvency Resolution Process under the IBC. The Bench appointed a resolution professional and directed him to examine the petition and file a report.

What did the court decide?

Appointment of Mr. Rajesh Ramnani as Resolution Professional to examine the petition and file a report within 10 days; next hearing fixed for 21.03.2023.

In the matter of Tata Capital Financial Services Ltd… — Insolvency and Bankruptcy | NCLT (2023)

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NATIONAL COMPANY LAW TRIBUNAL, MUMBAI BENCH

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COURT III

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C.P.(IB)-913(MB)/2022 CORAM:SH. H. V. SUBBA RAO, MEMBER (J) MS. MADHU SINHA, MEMBER (T)

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ORDER SHEET OF THE HEARING OF MUMBAI BENCH OF THE NATIONAL COMPANY LAW TRIBUNAL ON 09.02.2023

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NAME OF THE PARTIES: Tata Capital Financial Services Limited

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V/s.

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Narendra S Sabnani

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SECTION 95(1) OF INSOLVENCY AND BANKRUPTCY CODE, 2016

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ORDER

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Adv. Juhi Shah a/w Adv. Haripriya Parvatha i/b I.V. Merchant & Co. for the Petitioner is present through virtual hearing. None appeared for the Respondent/Personal Guarantor despite notice.

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C.P.(IB)-913(MB)/2022

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The above Company Petition is filed by Tata Capital Financial Services Limited, Petitioner herein for initiation of Insolvency Resolution Process against Narendra S Sabnani, Respondent/Personal Guarantors of the Corporate Debtor. Notice is duly served on the Respondent/Personal Guarantors.

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Learned counsel appearing for the Petitioner invited the attention of this Bench to the demand notice 11.04.2022 invoking the Guarantee against the Respondent/Personal Guarantor and also the proof of delivery of the demand notice. The Petitioner also invited the attention of this Tribunal to the letter of

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guarantee dated 28.08.2015 executed by the Respondent and another Personal Guarantor on behalf of Corporate Debtor in favour of the Petitioner. The Petitioner also invited the attention of this Tribunal to the written consent dated 28.05.2022 of Resolution Professional.

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After hearing the submissions and upon perusing the above documents, this Bench hereby appoints Mr. Rajesh Ramnani, Insolvency Professional, Registration No: IBBI/IPA-002/IP-N00993/2020-2021/13187 as the resolution professional from the list furnished by the Insolvency and Bankruptcy Board of India (IBBI) since the name of the proposed RP was suggested by the Applicant/Financial Creditor. RP is directed to examine the petition and file his report within 10 days from the date of this order.

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Registry is directed to communicate this order to the Resolution Professional immediately.

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List this mater on 21.03.2023 for submission of the report by the

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Resolution Professional.

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Sd/Sd/MADHU SINHA H. V. SUBBA RAO Member (Technical) Member (Judicial) //Shubham//

In the matter of Tata Capital Financial Services Ltd. v. Narendra S Sabnani, Cp (Ib) No. 913(MB)/2022

Case brief

What is this about?

What did the court decide?

In the matter of Tata Capital Financial Services Ltd. v. Narendra S Sabnani, Cp (Ib) No. 913(MB)/2022

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Statutes considered

Parties & counsel

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