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Personal guarantor insolvency jurisdiction follows the corporate debtor's CIRP Bench, enabling inter-territorial transfer and preventing parallel proc...
Section 60(2) of the Insolvency and Bankruptcy Code requires an...
Personal guarantor insolvency jurisdiction follows the corporate debtor's CIRP Bench, enabling inter-territorial transfer and preventing parallel proceedings.
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Section 60(2) of the Insolvency and Bankruptcy Code requires an insolvency application against a personal guarantor to be filed before the same NCLT Bench where the corporate debtor's CIRP or liquidation is pending, overriding the territorial criterion in Section 60(1). This alignment supports consolidated proceedings, consistency and avoidance of conflicting outcomes. Rule 16(d) of the NCLT Rules permits the President to transfer such proceedings between Benches when necessary to implement Section 60(2); the power is not limited to Benches within one territorial location. Proceedings filed before a Bench lacking this jurisdiction may be quashed, with liberty to file before the competent Bench.
Section 60(2) of the Insolvency and Bankruptcy Code requires an insolvency application against a personal guarantor to be filed before the same NCLT Bench where the corporate debtor's CIRP or liquidation is pending, overriding the territorial criterion in Section 60(1). This alignment supports consolidated proceedings, consistency and avoidance of conflicting outcomes. Rule 16(d) of the NCLT Rules permits the President to transfer such proceedings between Benches when necessary to implement Section 60(2); the power is not limited to Benches within one territorial location. Proceedings filed before a Bench lacking this jurisdiction may be quashed, with liberty to file before the competent Bench.
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