Resolution Professional may submit an Additional Report in continuation of his first Report u/s 99 of IBC after giving an opportunity to the Personal Guarantor – Ramesh Chander Agarwala Vs. State Bank of India & Anr. – NCLAT New Delhi
In this case, Personal Guarantor was not given the limited notice and the Adjudicating Authority by the Impugned Order appointed the Resolution Professional. The Resolution Professional has submitted a report which report has been taken on record by the Adjudicating Authority. Personal Guarantor challenged the order before NCLAT.
The NCLAT held that in the interest of justice, we give an opportunity to the Personal Guarantor to submit a representation to RP along with relevant materials which the Personal Guarantor want to communicate to the RP which he may do so within two weeks from today. The RP after considering the submissions may submit an ‘Additional Report’ in continuation of his first Report and the Adjudicating Authority before taking a decision for admission or rejection of the Application as contemplated under Section 100 may consider both the reports.
