Corporate insolvency resolution process amended with expanded disclosure, guarantor asset transfer rules, and new dissolution and restoration procedur...
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The text states that the three-month period for filing a bankruptcy application against a personal guarantor is directory, not mandatory, because Section 121(2) uses mandatory language without prescribing any consequence for delay. It further states that delay may be condoned on sufficient cause under the Limitation Act read with Section 238A of the Code, and that a dismissal solely on limitation without reasons is unsustainable. The application was therefore restored for consideration on merits.
The text states that the three-month period for filing a bankruptcy application against a personal guarantor is directory, not mandatory, because Section 121(2) uses mandatory language without prescribing any consequence for delay. It further states that delay may be condoned on sufficient cause under the Limitation Act read with Section 238A of the Code, and that a dismissal solely on limitation without reasons is unsustainable. The application was therefore restored for consideration on merits.
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