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 the same Personal Guarantor is barred by Section 96 of the Code.
Brief Facts
The Appellant, Indian Bank, had filed an application under Section 95 of the Insolvency and Bankruptcy Code, 2016, before the NCLT, Chennai Bench, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against the Respondent, the Personal Guarantor. The…
