In the matter of Shyam Goel v. Punjab National Bank & Ors. [Cp Ib No. 288/PB/2022]

NCLT13 Feb 2024CP IB No. 288/PB/2022

Case brief

AI extract

What is this about?

In an application under Section 94(1) of the IBC, the NCLT appointed a Resolution Professional for the insolvency resolution process initiated by a personal guarantor, relying on Supreme Court precedent that paragraphs 95-100 do not require judicial adjudication or a hearing.

What did the court decide?

Appointment of Mr. Gaurav Rohilla as Resolution Professional and direction to file report under Section 99.

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

¶1

IN THE NATIONAL COMPANY LAW TRIBUNAL COURT-V, NEW DELHI BENCH

¶2

CP IB NO. 288/PB/2022

¶3

An application under Section 94(1) of the Insolvency and Bankruptcy Code, 2016

¶4

IN THE MATTER OF:

¶5

Shyam Goel

¶6

406, Sector-37, Faridabad, Amarnagar, Haryana-121003 ...Personal Guarantor/Applicant

¶7

Versus

¶8

Punjab National Bank & Ors.

¶9

Zonal Sastra Centre, 1^st Floor, 7, Bhikaji Cama Place, New Delhi-110066 ... Respondent

¶10

Order Delivered on: 13.02.2024

¶11

CORAM:

¶12

SHRI MAHENDRA KHANDELWAL, HON’BLE MEMBER (JUDICIAL) DR. SANJEEV RANJAN, HON’BLE MEMBER (TECHNICAL)

¶13

Appearances (through Video Conferencing/physical hearing)

¶14

For the Applicant : Mr. Navneet Thakran, Adv. For the Respondent : Mr. Aditya Kumar Proxy Counsel for Mr. Rajesh Rattan

¶15

ORDER

¶16

PER: DR. SANJEEV RANJAN, MEMBER (TECHNICAL)

¶17

The present Petition CP (IB) No. 288/PB/2022 is filed under section 94(1) of the Insolvency and Bankruptcy Code, 2016 (‘ Code’) read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution process for Personal Guarantors to Corporate Debtor) Rules, 2019

¶18

¶19

CP IB No. 288/PB/2022 Order Delivered on: 13.02.2024

¶20

(‘ Personal Guarantors Rules ’) and regulation 4(2) of IBBI (Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Regulations, 2019 (‘ Personal Guarantors Regulations’ ) filed by Mr. Shyam Goel, Personal Guarantor of M/s Shreedhar Milk foods Limited (Corporate Debtor) for initiating the Insolvency Resolution Process (‘ IR Process’ ).

¶21

The Applicant has filed the present petition seeking insolvency resolution process against itself. On perusal of the records, it is observed that a copy of the application has already been served to the Financial Creditor and the Corporate Debtor for whom the Guarantor is a Personal Guarantor in accordance with Rule 6(2) of the Personal Guarantors Rules.

¶22

The applicant has proposed the name of Mr. Gaurav Rohilla, IBBI Registration No. IBBI/IPA-003/ICAIN00303/2020-21/13293, email:

¶23

[email protected], to act as Resolution Professional. The applicant has filed Authorization for Assignment of the Resolution Professional. The Authorization for Assignment is valid till 19.12.2024.

¶24

The Hon’ble Supreme Court of India in the matter of Dilip B Jiwrajka Vs. Union

¶25

of India & Ors. in Writ Petition (Civil) No. 1281 of 2021 while considering the constitutional validity of Sections 95-100 of the Insolvency and Bankruptcy Code, 2016 in their judgment 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.

¶26

This Adjudicating Authority hereby appoints Mr. Gaurav Rohilla 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.

¶27

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

¶28

A copy of the Report by the resolution professional under Section 99 to be filed and shall be forthwith provided to the Personal Guarantor and Financial Creditors of the Petitioner.

¶29

¶30

CP IB No. 288/PB/2022 Order Delivered on: 13.02.2024

¶31