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NATIONAL COMPANY LAW TRIBUNAL
Prabhat Kumar, Technical Member, Sushil Mahadeorao Kochey, Judicial Member
Axis Trusteeship Service Ltd – Appellant
Versus
Vijay Biyani – Respondent
| Table of Content |
|---|
| 1. factual background of default and guarantee invocation (Para 1 , 2 , 6 , 7 , 8 , 9 , 10 , 11 , 12 , 45 , 46) |
| 2. interim applications and rp reports (Para 3 , 4 , 5 , 13 , 44) |
| 3. rp recommends admission despite pg objections (Para 14 , 15 , 16) |
| 4. pg challenges locus of debenture trustee (Para 17 , 18 , 19 , 20 , 21 , 22) |
| 5. financial creditor defends trustee authority (Para 23 , 24 , 25 , 26 , 27) |
| 6. debenture trustee qualifies as creditor under ibc (Para 28 , 29 , 30 , 31 , 32 , 33 , 34 , 35 , 36 , 37) |
| 7. itr attachment not mandatory under rule 7(2) (Para 38) |
| 8. acquisition agreement does not discharge guarantee (Para 39) |
| 9. no bias in rp warranting replacement (Para 40 , 41 , 42) |
| 10. petition admitted; irp initiated against pg (Para 43 , 47 , 48 , 49) |
ORDER
1. The present Petition is filed u/s 95(1) of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as “IBC”) r/w Rule 7 (2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtor) Rules, 2019 by Axis Trusteeship Services Limited (hereinafter referred to as “Financial Creditor”) for the purpose for initiating Inso
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