On 07.02.2023, Hon’ble Supreme Court in SLP(C) No. 16464/2021 and WP No. 1281/2021 (lead cases in the group) appointed two Nodal Counsels in the batch of matters pertaining to Personal Guarantors in Insolvency Proceedings. The Bench headed by Justice Chandrachud has appointed Ms. Pallavi Pratap, Advocate for Petitioners and Mr. Sanjay Kapur, Advocate for Respondents as nodal counsel in the batch of matters where vires of Sec. 95 to Sec. 100 of IBC is under challenge.
Both the nodal counsel shall put together the written submissions in the lead cases and in the pending matters seriatim.
A joint compilation of all precedents and other documentary material which is sought to be relied upon by the parties will be prepared, duly indexed. The joint compilation will be provided to all the counsel appearing on behalf of the contesting parties in these proceedings. The nodal counsel will prepare, after discussion with all the counsel for the petitioners, the order in which arguments will be addressed by counsel appearing on behalf of the petitioners. This exercise will be completed by 17 February 2023.
The matter will be listed on 21 February 2023 on top of the Board.
“There are in all more than 200 petitions. The question of law involved is on initiation of insolvency proceedings under sec. 95, application of interim moratorium under Sec. 96, appointment of Resolution Professional under sec. 97 and admission and rejection of the application. The issue is with respect to lack of principle of natural justice being followed whereby the personal guarantor is not provided a right to hearing and some draconian powers are vested in the Resolution Professional. This is to the detriment also in case pertaining to personal insolvency process also.”, Ms. Pallavi Pratap said to IBC Laws team.