Legitimate Claim of Creditors cannot be Defeated Using Moratorium as Shield: NCLT Rules on Punjab National Bank Case
The NCLT observed that no subsequent steps were taken after the petition was filed under section 94 of the IBC by the personal guarantor. No resolution professional was appointed even after a lapse of significant time from the date of petition being filed
In a ruling of Punjab National Bank Chandigarh Bench of the National Company Law Tribunal ( NCLT ) while admitting an insolvency petition under section 95 of the Insolvency and Bankruptcy Code ( IBC ) against Ms. Mohita Indrayan, a personal guarantor, for the debts of M/s Indian Clothing League Private Limited (corporate debtor), observed…
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