Section 99 IBC Resolution Professional’s report not mandatory where guarantor status admitted: NCLAT Chennai upholds Section 95 IBC application
“…the provisions of Section 99 of the Insolvency and Bankruptcy Code, 2016, are procedural and are only for the purposes of recommending for approval or rejection of the application, where the recommendation would have to be based upon the facts and evidence presented to the Resolution Professional or collected by him under the powers conferred upon him to call for records and evidence.”