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NCLAT analyzed the procedural requirements for initiating insolvency resolution process for personal guarantors under the Insolvency and Bankruptcy Code. The Tribunal held that the Resolution Professional's report under Section 99 is merely a facilitative document, and the ultimate decision to admit or reject an application rests exclusively with the Adjudicating Authority. The Tribunal found that principles of natural justice were adhered to, with sufficient opportunities provided to appellants, and strict timelines of the special statute were followed. Consequently, the appeals were dismissed, with the impugned orders remaining uninterrupted, affirming the procedural compliance in the insolvency resolution process.
NCLAT analyzed the procedural requirements for initiating insolvency resolution process for personal guarantors under the Insolvency and Bankruptcy Code. The Tribunal held that the Resolution Professional's report under Section 99 is merely a facilitative document, and the ultimate decision to admit or reject an application rests exclusively with the Adjudicating Authority. The Tribunal found that principles of natural justice were adhered to, with sufficient opportunities provided to appellants, and strict timelines of the special statute were followed. Consequently, the appeals were dismissed, with the impugned orders remaining uninterrupted, affirming the procedural compliance in the insolvency resolution process.
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