April 22, 2022

Resolution Professional Can Submit An Additional Report Under Section 99 Of Insolvency And Bankruptcy Code, 2016

  • COURTNCLAT Principal Bench
  • TITLE/CORAM PANKAJ LOHARIWAL v. STATE BANK OF INDIA & ORS. Chairperson Ashok Bhushan
    Technical Member Dr. Alok Srivastava
    Technical Member Shreesha Merla
    Company Appeal (AT) Insolvency No. 231 of 2022

In an appeal where the Personal Guarantors of a corporate debtor filed an appeal under Section 61 of the Code before NCLAT against the order dated 08.12.2021 of NCLT whereinNCLT appointed a Resolution Professional without furnishing any limited notice to the Personal Guarantors and also where the report was already submitted under Section 99 of the IBC, 2016 the tribunal held that the Resolution Professional can submit an additional report under Section 99 of the Insolvency & Bankruptcy Code, 2016.

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