Authority: National Company Law Tribunal, New Delhi (Court VI)
Order Date: 08 June 2025
Case Overview
The National Company Law Tribunal (NCLT) New Delhi addressed a procedural matter in an insolvency case filed by Canara Bank against Richa Mittal under Section 95(1) of the Insolvency and Bankruptcy Code, 2016. The matter concerns a report filed by the Resolution Professional (RP) under Section 99 of the Code. During the hybrid hearing (physical and video conference), 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 (Richa Mittal) as required under Section 99(10) of the IBC. The Tribunal noted that under the Rules/Regulations of IBC, all applications or reports must comply with legal provisions before being listed for hearing, and the Registry must ensure such compliance before numbering and listing matters.
Final Outcome
The NCLT, in the interest of justice and to avoid further delays, directed that notices be issued to both the Financial Creditor (Canara Bank) and the Personal Guarantor (Richa Mittal). The Resolution Professional was ordered to take steps within 10 days to serve notices through all prescribed modes, along with copies of the report and supporting documents. The RP must file an affidavit of service one week before the next hearing date. The matter has been listed for the next hearing on August 4, 2026. Additionally, the Tribunal directed that a copy of the order be sent to the Registrar of NCLT New Delhi to ensure future compliance with preconditions and regulations before applications/reports are numbered and listed.
Topics: Insolvency Proceedings, Procedural Compliance, Banking Law