2022 (5) TMI 1364

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....the Respondents. 2. This Appeal has been filed against the order dated 15.02.2022 passed by the Adjudicating Authority (National Company Law Tribunal), New Delhi, Court-III by which order the Resolution Professional has been appointed and he was asked to submit a report in terms of Section 99 of the Insolvency and Bankruptcy Code, 2016 ("Code" for short). 3. Learned Counsel for the Appellant submits that the Adjudicating Authority had not issued limited notice to the Appellant although copy of the Application filed under Section 95(1) was served on the Appellant and on the date 15.02.2022, the Appellant's counsel appeared and has made submission that already there is an order of interim moratorium against the Corporate Debtor. 4. L....

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....n to the Guarantor and the Corporate Debtor for whom the Guarantor is a Personal Guarantor. The procedure thus prescribed will give the Personal Guarantor notice of the application already filed before the Adjudicating Authority. Section 95(5) requires Creditor to provided copy of the application "made under sub-section (1)" to the Debtor. Thus, serving advance copy is not contemplated. 44. In substance, once the application is "filed" (as per Section 95, 96 read with Rule 10) the Adjudicating Authority has to act on it, and following principles of natural justice, give limited notice to Personal Guarantor to Company Appeal (AT) (Insolvency) No. 316 of 2021 & 317 of 2021 appear referring to the Interim Moratorium that has commenced....