NCLT Handles Insolvency for Corporate Debtors and Guarantors; Transfers Ongoing Cases, Excludes Moratorium in Limitation Period

The National Company Law Tribunal (NCLT) serves as the Adjudicating Authority for insolvency resolution and liquidation of corporate entities, including corporate debtors and their guarantors, based on the location of the corporate office. Applications related to insolvency or liquidation of guarantors must be filed with the NCLT handling the debtor's case. Any ongoing proceedings in other courts will be transferred to the NCLT. The NCLT holds powers similar to the Debt Recovery Tribunal and can address applications, claims, and legal questions related to insolvency. The limitation period excludes the duration of any moratorium imposed.

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