Initiation of IRP u/s. 95 of IBC against personal guarantor upheld as no principle of natural justice violated

IQBAL Jumabhoy Vs Manoj Kumar Anand (NCLAT Chennai)

NCLAT Chennai held that initiation of the IRP proceeding u/s. 95 of Insolvency & Bankruptcy Code, 2016 against personal guarantor upheld as no principle of natural justice has been violated, and that the Resolution Professional has given sufficient opportunities. Accordingly, appeal dismissed.

Facts- Applications were filed u/s. 95 of the I & B Code, 2016, against respective personal guarantors/Appellants, that the Resolution Professional submitted his

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