Imported seaweed extract provisionally released on bond only; declaratory rejection set aside; appellate decision due within section 128-A(4-A) three ...
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Issue was whether amendment of a personal guarantor insolvency petition under s.95 IBC to change the date of default by adding a loan recall notice dated 05.04.2016 was permissible, despite objections on limitation and lack of proper invocation of guarantee. The tribunal held that amendment was justified since the creditor could not produce proof of service of an earlier statutory demand, and the added recall notice formed the factual basis to be tested on merits. Allowing amendment did not amount to any finding on limitation or validity of guarantee invocation, which could be urged in reply and decided by the adjudicating authority. Appeal was dismissed. - NCLAT
Issue was whether amendment of a personal guarantor insolvency petition under s.95 IBC to change the date of default by adding a loan recall notice dated 05.04.2016 was permissible, despite objections on limitation and lack of proper invocation of guarantee. The tribunal held that amendment was justified since the creditor could not produce proof of service of an earlier statutory demand, and the added recall notice formed the factual basis to be tested on merits. Allowing amendment did not amount to any finding on limitation or validity of guarantee invocation, which could be urged in reply and decided by the adjudicating authority. Appeal was dismissed. - NCLAT
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