2026 (1) TMI 431

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....n filed by a former Director of M/s. Bajajee Exports Limited (borrower)/principal debtor), a company based in Dibrugarh, Assam. He is a resident of Kolkata, who seeks to challenge the order dated 06.10.2025 passed by the National Company Law Tribunal (in short, NCLT), Guwahati in CP(IB) No.1/GB/2025 under Section 95 of the Insolvency and Bankruptcy Code, 2016 (in short, IBC). 3. By the order impugned, Resolution Professional has been appointed at the request of respondent/Indian Bank (Financial Creditor/ respondent No.2), without first adjudicating the petitioner's Interlocutory Application, which raised preliminary objections on the maintainability of Section 95 proceedings and the territorial jurisdiction of the NCLT, Guwahati. 4. I....

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....tioner is, in fact, premature. 10. There is no substance in this argument as the whole architecture of IBC permits parallel proceedings against the personal Guarantor, independently of the Principal Borrower. However, the liability of the petitioner would be created only if it is found the he has offered his personal guarantee for the loan, which the petitioner has questioned. This was his precise contention in the Interlocutory Application, which the petitioner had filed before the NCLT, Guwahati. 11. It appears that such Interlocutory Application has been deferred for a future date but in the meantime, a Resolution Professional has been appointed. 12. Mr. Keyal submits that it amounts to putting the cart before the horse, whic....

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.... a facilitative role of collating all the facts relevant to the examination of the application for the commencement of the insolvency resolution process which has been preferred under Section 94 or Section 95. The report to be submitted to the adjudicatory authority is recommendatory in nature on whether to accept or reject the applications; 86.3. The submission that a hearing should be conducted by the adjudicatory authority for the purpose of determining "jurisdictional facts" at the stage when it appoints a resolution professional under Section 97(5) IBC is rejected. No such adjudicatory function is contemplated at that stage. To read in such a requirement at that stage would be to rewrite the statute which is impermissible in t....