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The NCLAT held that the application for initiating the IRP against the personal guarantor u/s 95 of IBC was admissible. The guarantor acknowledged the debt and did not deny liability or furnish evidence of repayment as required u/s 99(2). The bank served a demand notice, and the application was filed after expiry of 14 days as per procedure. The RP's independent verification and report confirming the default was critical. The appeal was dismissed.
The NCLAT held that the application for initiating the IRP against the personal guarantor u/s 95 of IBC was admissible. The guarantor acknowledged the debt and did not deny liability or furnish evidence of repayment as required u/s 99(2). The bank served a demand notice, and the application was filed after expiry of 14 days as per procedure. The RP's independent verification and report confirming the default was critical. The appeal was dismissed.
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