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NATIONAL COMPANY LAW TRIBUNAL
SANJIV JAIN, Judicial Member, VENKATARAMAN SUBRAMANIAM, Technical Member
A Sumathi – Appellant
Versus
Canara Bank – Respondent
| Table of Content |
|---|
| 1. personal guarantor's petition details debt default (Para 1 , 2 , 3 , 4 , 5 , 6) |
| 2. irp verifies petition compliance recommends admission (Para 7 , 8 , 10 , 11) |
| 3. respondent opposes admission citing assets sufficiency (Para 12 , 17) |
| 4. tribunal reviews evidence of debt default (Para 13 , 14 , 15 , 16) |
| 5. no repayment capacity assessment at admission stage (Para 18 , 19 , 20 , 21) |
| 6. irp role facilitative recommendatory not investigative (Para 22 , 23 , 24) |
| 7. sarfaesi proceedings no bar to ibc admission (Para 25 , 26 , 27) |
| 8. pg insolvency maintainable sans corporate cirp (Para 28 , 29 , 30) |
| 9. petition admitted irp appointed process initiated (Para 31 , 32 , 33 , 34) |
O R D E R
(Hearing through hybrid mode
1. This Petition under Section 94 of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as “IBC, 2016") r/w Rule 7(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019 has been filed by A. Sumathi (“Personal Guarantor”). The prayer made in the petition is to initiate insolvency resolution process against the Personal Guarantor of the Corporate D
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