Application u/s 95 of IBC Can be Filed by Creditor in his Individual Capacity or Jointly through RP: NCLAT

The NCLAT clarified that applications under Section 95 of the Insolvency and Bankruptcy Code (IBC) can be filed either individually by creditors or jointly with the Resolution Professional (RP). The decision provides greater flexibility for creditors in initiating proceedings under IBC, allowing them to either take action independently or in coordination with the RP. This ruling is significant as it broadens the scope for creditors in ensuring that insolvency proceedings are initiated in a timely manner. It also emphasizes the importance of creditor rights in the resolution process under the IBC.