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        IBC

        NCLAT held that the applications u/s 95 IBC filed by the...

        Section 95 IBC plea against personal guarantors held within limitation, Rule 7 notice treated as valid invocation

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                          Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                            Provisions expressly mentioned in the judgment/order text.
                                NCLAT held that the applications u/s 95 IBC filed by the creditor against the personal guarantors of the principal borrower were within limitation. The Tribunal noted two relevant dates: 27.06.2019 (recovery certificate) and 23.09.2019 (acceptance of OTS proposal by the borrower). The latter constituted an acknowledgment of debt under applicable limitation principles, thereby commencing a fresh three-year limitation period, further extended by exclusion of 15.03.2020 to 28.02.2022 pursuant to SC orders on Covid-19. Consequently, the application filed on 10.08.2024 was held timely. NCLAT also rejected the guarantors' contention that their guarantees had not been validly invoked, holding that the notice dated 29.11.2013 under Rule 7 was a statutory notice issued after invocation. Finding no merit in the grounds urged, NCLAT dismissed all appeals filed by the guarantors.
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