Authority: National Company Law Tribunal, New Delhi Court - VI
Order Date: 08.06.2025
Case Overview
The matter involves an application filed by Canara Bank under Section 95(1) of the Insolvency and Bankruptcy Code, 2016 against Sanjeev Krishna Sharma as Respondent. The hearing was conducted in hybrid mode (physical and video conference). The Resolution Professional (RP) filed a report under Section 99 of the Code. During proceedings, the Learned Counsel for the RP admitted that copies of the Section 99 report had not been served upon the Financial Creditor (Canara Bank) and the Personal Guarantor (Sanjeev Krishna Sharma) as required under Section 99(10) of the IBC.
The Tribunal observed that as per Rules and Regulations under 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. The Tribunal directed that a copy of the order be sent to the Registrar, NCLT New Delhi, to ensure that preconditions, Rules, and Regulations are complied with before applications/reports are numbered and deemed ready for listing.
Final Outcome
In the interest of justice and to avoid further delays, the Tribunal issued notice to both the Financial Creditor and Personal Guarantor. The RP was directed to take steps within 10 days to serve notice along with a copy of the report and supporting documents (if any) to both parties through all prescribed modes. The RP must file an affidavit of service one week before the next hearing date. The matter has been listed with the main petition on 04.08.2026.
Topics: Insolvency Proceedings, Banking Regulation, Legal Compliance