Permission under Section 141 of the Insolvency and Bankruptcy Code, 2016 to travel abroad by the Personal Guarantor during the pendency of the Bankruptcy Resolution Process – Mr. Vemuri Ramkoteshwar Vs. Mr. D. Surya Ramakrishna Saibaba – NCLT Hyderabad Bench

Hon’ble NCLT Hyderabad Bench observed that a Marketing Personnel has no role in dealing with the management of the company and is only designated to deal with the marketing strategies of a product and in this case particularly the focus of Applicant is to focus on HNIs/ Corporates and identification of Reinsurance needs of the customers. Therefore, the contention of the Respondent that a bar in terms of Section 141(1)(a) of IBC attracts the case of the Applicant is unsustainable.

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