It was also contended that apart form a resolution professionals’ primary function, they are vested with omnibus discretion to call for and consider information that is deemed relevant for forming their opinion.
However, no safeguards or legal recourse is provided for the personal guarantor.
“The Petitioner submits that the inherent possibility and likelihood of bias being directly involved in the outcome of the proceedings under Section 100 of IBC negates fairness in the process and makes the procedure contemplated under Sections 95-100 manifestly arbitrary and presents the Personal Guarantor with a fait accompli,” the plea said.
Source: Barandbench
