Section 95 Application Can Be Filed By Creditor In His Individual Capacity Or Jointly With Other Creditors Or Through RP: NCLAT

The NCLAT held that a creditor can file an application under Section 95 of the IBC either individually, jointly with other creditors, or through a Resolution Professional (RP). The case concerned the initiation of insolvency proceedings, where creditors sought clarification on the manner in which they could file an application. The tribunal clarified that there are multiple routes for filing an application, depending on the creditor's preference or their association with other creditors. This decision ensures that creditors have flexibility in pursuing remedies under the IBC, either alone or in collaboration with other stakeholders.