https://www.taxtmi.com/caselaws?id=768603 NCLAT Principal Bench dismissed appeal challenging admission of Section 95(1) application by financial creditor against personal guarantor. Appellant argued RP's report submitted beyond mandatory 10-day period under Section 99 should be rejected. NCLAT held the 10-day timeline is directory, not mandatory, based on statutory scheme allowing RP to seek additional information under sub-sections (4)-(7). RP submitted initial report on 02.02.2024 and amended report on 14.02.2024 after receiving further information from creditor. No undue delay found. Adjudicating authority correctly relied on both reports and admitted Section 95 application. en-us Fri, 04 Apr 2025 00:00:00 +0530 Thu, 10 Apr 2025 08:32:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=768603 NCLAT Principal Bench dismissed appeal challenging admission of Section 95(1) application by financial creditor against personal guarantor. Appellant argued RP's report submitted beyond mandatory 10-day period under Section 99 should be rejected. NCLAT held the 10-day timeline is directory, not mandatory, based on statutory scheme allowing RP to seek additional information under sub-sections (4)-(7). RP submitted initial report on 02.02.2024 and amended report on 14.02.2024 after receiving further information from creditor. No undue delay found. Adjudicating authority correctly relied on both reports and admitted Section 95 application. Case-Laws IBC Fri, 04 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=768603