https://www.taxtmi.com/caselaws?id=427075 The Tribunal upheld the Adjudicating Authority's decision to admit the application under Section 95(1) of the IBC, finding a clear financial debt due and not paid. The application was deemed timely filed within the limitation period based on relevant Supreme Court judgments. Personal guarantees given by directors were enforceable under the IBC regime. The Tribunal clarified that there was no need to approach the DRT before enforcing claims against the corporate debtor and personal guarantor under the IBC. The provision of interest by the Adjudicating Authority was deemed consistent with the DRT's final order. The appeals were dismissed, and pending interlocutory applications were closed. en-us Tue, 30 Aug 2022 00:00:00 +0530 Thu, 01 Sep 2022 08:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=427075 The Tribunal upheld the Adjudicating Authority's decision to admit the application under Section 95(1) of the IBC, finding a clear financial debt due and not paid. The application was deemed timely filed within the limitation period based on relevant Supreme Court judgments. Personal guarantees given by directors were enforceable under the IBC regime. The Tribunal clarified that there was no need to approach the DRT before enforcing claims against the corporate debtor and personal guarantor under the IBC. The provision of interest by the Adjudicating Authority was deemed consistent with the DRT's final order. The appeals were dismissed, and pending interlocutory applications were closed. Case-Laws Insolvency and Bankruptcy Tue, 30 Aug 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=427075