In the matter of Punjab National Bank v. Vikas Jain, [C.P (Ib) No.329/ND/2023]

NCLT12 Feb 2024C.P (IB) No.329/ND/2023

Case brief

AI extract

What is this about?

The Tribunal appointed Mr. Deepak Mittal as Resolution Professional against/personal guarantor Vikas Jain based on Punjab National Bank's petition. The court relied on Supreme Court precedent that no hearing is required for RP appointment.

What did the court decide?

Appointment of Mr. Deepak Mittal as Resolution Professional; direction to file Assignment Declaration and Report under Section 99.

In the matter of Punjab National Bank vs. Vikas Jain… — Insolvency and Bankruptcy | NCLT (2024)

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IN THE NATIONAL COMPANY LAW TRIBUNAL NEW DELHI, BENCH VI

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C.P (IB) No.329/ND/2023

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An application under section 95(1) of the Insolvency and Bankruptcy Code, 2016

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IN THE MATTER OF:

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PUNJAB NATIONAL BANK CORPORATE OFFICE AT: PLOT NO.4, SECTOR 10, DWARKA, DELHI

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…APPLICANT

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Mr. VIKAS JAIN [Personal Guarantor of Corporate Debtor M/s Magppie International Limited]

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CG-18, South City-1, Sector 41, Gurugram, Haryana-122001

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…RESPONDENT

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Date of pronouncement: 12.02.2024

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Coram:

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Shri Mahendra Khandelwal : Member (Judicial) Shri Rahul Bhatnagar : Member (Technical)

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Appearances (through Video Conferencing/physical hearing)

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For the Petitioner/Applicant: Ms. Aakansha, Mr. Lalit Mohan and Mr. Videh Vishesh (Advocates)

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ORDER

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Per: Mahendra Khandelwal, Member (Judicial)

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C.P (IB) No.329/ND/2023

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Page 1 of 3

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The present Petition CP (IB) No. 329/ND/2023 is filed under section 95(1) of the Insolvency and Bankruptcy Code, 2016 (‘ Code’) read with rule 7 of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution process for Personal Guarantors to Corporate Debtor) Rules, 2019 (‘ Personal Guarantors Rules ’) and regulation 4(2) of IBBI (Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Regulations, 2019 (‘ Personal Guarantors Regulations’ ) by Punjab National Bank, Financial Creditor of M/s Magppie International Limited (Corporate Debtor) for initiating the Insolvency Resolution Process (‘ IR Process’ ) against Mr. Vikas Jain (Personal Guarantor/Respondent).

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The Applicant has filed the present petition seeking insolvency resolution process against the Respondent (Personal Guarantor). The petitioners contended that a copy of the application has already been served to the Personal Guarantor and the Corporate Debtor (Principal Borrower) for whom the Guarantor is a Personal Guarantor as per Section 95(5) of The Insolvency and Bankruptcy Code, 2016 read with Rule 7(3) of the Personal Guarantors Rules.

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The applicant has proposed the name of Mr. Deepak Mittal, IBBI Registration No. IBBI/IPA-001/IP-P-02096/2020-21/13264 to act as Resolution Professional. The contact details of the RP are email: [email protected] and Mobile No. 9810371373. The applicant has filed Authorization for Assignment of the Resolution Professional. Authorization for Assignment is valid till 07/12/2024.

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The Hon’ble Supreme Court of India in the matter of Dilip B Jiwrajka vs Union of India & Ors. In Writ Petition (Civil) No. 1281 of 2021 while considering the constitutional validity of

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C.P (IB) No.329/ND/2023

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Page 2 of 3

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Sections 95-100 of The Insolvency and Bankruptcy Code, 2016 in their judgement have concluded that no judicial adjudication is involved at the stages envisaged in Sections 95-99 of The IBC. The Hon’ble Supreme Court of India has further concluded that no hearing is required by the Adjudicating Authority at the stage when it appoints a Resolution Professional u/s 97(5) of IBC.

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This Adjudicating Authority hereby appoints Mr. Deepak Mittal as the Resolution Professional in the matter. The Resolution Professional is to file the Assignment Declaration within 7 (seven) days from today with the Registry.

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The Resolution Professional is directed to file his report in terms of Section 99 the Code and the relevant Regulations within the stipulated time period.

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A copy of the Report by the resolution professional under Section 99 so filed shall be forthwith provided to the Personal Guarantor, Corporate Debtor and Financial Creditor.

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List the matter on 20/03/2024 for the perusal of the Report of the RP and further proceedings.

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-SD/- -SD/- Mahendra Khandelwal Rahul Bhatnagar Member (Judicial) Member (Technical)

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C.P (IB) No.329/ND/2023

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In the matter of Punjab National Bank v. Vikas Jain, [C.P (Ib) No.329/ND/2023]

Case brief

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In the matter of Punjab National Bank v. Vikas Jain, [C.P (Ib) No.329/ND/2023]

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