2022 (5) TMI 400

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....it petition, the petitioner inter alia has assailed the validity of Section 95(1), 99 and 100 of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as 'the Code' for short) as unconstitutional being violative of Article 14 of the Constitution of India. 2. Facts giving rise to filing of this petition briefly stated are that an inter corporate deposit agreement was executed between the Corporate debtor and the Perimal Enterprise viz., respondent No.2 on 27.05.2016. The aforesaid intra corporate deposit agreement was assigned to respondent No.2 on 22.09.2016. The respondent No.2 filed two separate applications under Section 95(1) of the Code read with Rule 7(2) of the Insolvency and Bankruptcy (Application to Adjudicating Autho....

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....ES INQUIRY COMMITTEE AND OTHERS', AIR 2011 SC 3711.   4. We have considered the submission made by learned counsel for the petitioner. From perusal of the report of resolution professional, it is evident that the insolvency proceedings initiated against the personal guarantor under the Code is a time bound process. The aforesaid procedure contains filing of application under Section 95 of the Code for appointment of resolution professional by the Adjudicating Authority under Section 99 of the Code, submission of the report by the resolution professional under Section 99 of the Code recording reasons for recommending the request for acceptance or rejection of the application and finally the admission or rejection of the application by ....