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Subsequent Application U/S 95 IBC Is Barred Where Proceedings Against Same Personal Guarantor Are Already Pending: NCLAT, Chennai

The National Company Law Appellate Tribunal (NCLAT), Chennai bench comprising Justice Sharad Kumar Sharma (Judicial Member) and Jatindranath Swain (Technical Member) have held that where proceedings under Section 95 of the Insolvency and Bankruptcy Code (IBC) have already been initiated by one Financial Creditor, a subsequent application under the same provision by another creditor against…

Debaranjan Goswami

The Role of Insolvency Systems in Transforming Corporate Cultures: The Study of India Abstract An efficient insolvency system is key to the idea of creative destruction. Creative destruction is a process by which new innovations replace existing ones that are rendered obsolete over time. To sustain the process of creative destruction, there must be a…