Authority: National Company Law Tribunal, New Delhi - Court VI (Justice Jyotsna Sharma, Member (Judicial) and Ms. Anu Jagmohan Singh, Member (Technical))
Order Date: June 8, 2025
Case Overview
The matter involves an application filed by Canara Bank under Section 95(1) of the Insolvency and Bankruptcy Code, 2016 against respondent Rajeev Mittal. The case reference is IB-51/ND/2025 with IA/2552/2026. The hearing was conducted in hybrid mode (physical and video conference).
The Tribunal reviewed a report filed by the Resolution Professional (RP) under Section 99 of the IBC. The Learned Counsel for the RP admitted that copies of the report had not been served upon the Financial Creditor (Canara Bank) and the Personal Guarantor (Rajeev Mittal) as required under Section 99(10) of the Code. The Tribunal noted that under IBC Rules and Regulations, 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.
Final Outcome
The Tribunal issued directions to address the procedural lapse. The RP was directed to take steps within 10 days to serve notice along with a copy of the report and supporting documents to both the Financial Creditor and Personal Guarantor through all prescribed modes. The RP must file an affidavit of service one week before the next hearing date. The case is listed for next hearing on August 4, 2026. Additionally, the Registrar of NCLT New Delhi was instructed to ensure future compliance with pre-listing rules and regulations.
Topics: Insolvency Proceedings, Banking Litigation, Regulatory Compliance