Application u/s. 95 of IBC admitted based on recommendation of resolution professional

UCO Bank Vs Smt. Nishu Goel (NCLAT Delhi) NCLAT Delhi held that based on recommendation made by the resolution professional, application under section 95 of IBC, 2016 is admitted. Notably, also held that application under section 95 is preferred within prescribed time limit. Facts- Smt. Nishu Goel and Mr. Ajay Goel i.e. the Personal Guarantors stood as surety qua the financial facility extended by UCO Bank to the Principal Debtor i.e. M/s VCRM Petrochemicals Pvt. Ltd. The deed of guarantee was executed on 31.05.2017. The account of Principal Debtor was declared as NPA on 31.03.2018 and a notic...