https://www.taxtmi.com/caselaws?id=289232 The NCLT dismissed the petitions filed by the State Bank of India against personal guarantors, emphasizing its lack of jurisdiction to initiate insolvency proceedings until Part III of the IBC is notified. The tribunal clarified that Section 60(2) cannot be invoked independently without the notification of Part III. The NCLT underscored that the Supreme Court judgment in State Bank of India v. V. Ramakrishnan does not confer jurisdiction to initiate insolvency proceedings against personal guarantors. Any such proceedings initiated before the NCLT without the notification of Part III would be void ab initio. en-us Tue, 30 Oct 2018 00:00:00 +0530 Wed, 22 Jul 2020 08:49:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=289232 The NCLT dismissed the petitions filed by the State Bank of India against personal guarantors, emphasizing its lack of jurisdiction to initiate insolvency proceedings until Part III of the IBC is notified. The tribunal clarified that Section 60(2) cannot be invoked independently without the notification of Part III. The NCLT underscored that the Supreme Court judgment in State Bank of India v. V. Ramakrishnan does not confer jurisdiction to initiate insolvency proceedings against personal guarantors. Any such proceedings initiated before the NCLT without the notification of Part III would be void ab initio. Case-Laws Insolvency and Bankruptcy Tue, 30 Oct 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=289232