Back
NATIONAL COMPANY LAW TRIBUNAL
Sunil Kumar Aggarwal, Judicial Member, Radhakrishna Sreepada, Technical Member
Asset Reconstruction Company (India) Limited – Appellant
Versus
Vasudevan Sathyamoorthy – Respondent
| Table of Content |
|---|
| 1. loan disbursement, guarantee, defaults, and assignment to creditor (Para 1 , 2 , 3 , 4 , 5 , 6 , 7 , 8) |
| 2. procedural history and higher court interventions (Para 9 , 10 , 11 , 12) |
| 3. respondent's objection to non-compliance with section 97 (Para 13 , 14 , 17 , 18) |
| 4. court harmonizes section 97 with rule 8 for rp appointment (Para 15 , 16 , 26 , 27) |
| 5. petitioner's defense on directory nature of section 97 (Para 19 , 20 , 21 , 22 , 23 , 24 , 25) |
| 6. appointment of new rp and insolvency process directions (Para 28 , 29 , 30 , 31) |
O R D E R
1. The present Application was filed by Sammaan Capital Limited (“Petitioner/Financial Creditor’) under Section 95(1) of the IBC, 2016, read with Rule 7(2) of the I&B (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019 (“ Personal guarantor Rules”) with a prayer to initiate Insolvency Resolution Process against Mr. Vasudevan Sathyamoorthy (Personal Guarantor/Respondent) who has given personal guarantee to loans availed by the M/ s. FineFacilis Management Private Limited (“Corporate Debtor”)
2. It is stated that the approached Indiabulls Commercial Credit Limi
An indispensable Tool for Legal Professionals, Endorsed by Various High Court and Judicial Officers
Please visit our Training & Support
Center or Contact Us for assistance
Scan Me!
India’s Legal research and Law Firm App, Download now!
For Daily Legal Updates, Join us on :
Back to top
