https://www.taxtmi.com/caselaws?id=467521 Under Sections 99 and 100 of the Insolvency and Bankruptcy Code, the adjudicating authority must independently consider the resolution professional's report and the personal guarantors' objections before deciding whether to admit the insolvency application. The report is only recommendatory, and no judicial determination arises until the authority applies its own mind at the Section 100 stage in observance of natural justice and with reasons. As the impugned orders relied substantially on the report without specific findings on the objections or the mandated independent exercise, they were found not to comply with the statutory procedure and were liable to be set aside. en-us Thu, 25 Jul 2024 00:00:00 +0530 Sun, 22 Mar 2026 20:02:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=467521 Under Sections 99 and 100 of the Insolvency and Bankruptcy Code, the adjudicating authority must independently consider the resolution professional's report and the personal guarantors' objections before deciding whether to admit the insolvency application. The report is only recommendatory, and no judicial determination arises until the authority applies its own mind at the Section 100 stage in observance of natural justice and with reasons. As the impugned orders relied substantially on the report without specific findings on the objections or the mandated independent exercise, they were found not to comply with the statutory procedure and were liable to be set aside. Case-Laws IBC Thu, 25 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=467521