Authority: National Company Law Tribunal, New Delhi - Court VI (Justice Jyotsna Sharma, Member (Judicial) and Ms. Anu Jagmohan Singh, Member (Technical))
Order Date: 08 June 2025
Case Overview
This matter concerns an application filed by Canara Bank under Section 95(1) of the Insolvency and Bankruptcy Code, 2016 against Santosh Goyal, identified as the Personal Guarantor. The hearing was conducted in hybrid mode (physical and video conference). The Tribunal was reviewing a report filed by the Resolution Professional (RP) under Section 99 of the Code. The Learned Counsel for the RP admitted during proceedings that copies of this report had not been served upon the Financial Creditor (Canara Bank) and the Personal Guarantor (Santosh Goyal), as mandatorily required under Section 99(10) of the IBC, 2016.
The Tribunal observed that as per the Rules and Regulations under the IBC, all applications or reports must comply with legal provisions before being listed for hearing, and the Registry is responsible for ensuring this compliance before numbering and listing matters. The bench specifically directed that a copy of this order be sent to the Registrar of the NCLT, New Delhi, to ensure that preconditions and Rules/Regulations are complied with before applications/reports are numbered and deemed ready for listing in the future.
Final Outcome
Despite the procedural lapse, the Tribunal, in the interest of justice and to avoid further delays, issued formal notice to both the Financial Creditor (Canara Bank) and the Personal Guarantor (Santosh Goyal). The RP was directed to take all necessary steps within 10 days to serve the notice, along with a copy of the report and any supporting documents, using all prescribed modes of service. The RP must file an affidavit of service one week before the next hearing date. The matter has been adjourned and is now listed to be heard with the main petition on 04 August 2026.
Topics: Insolvency Proceeding, Procedural Compliance, NCLT Directions