https://www.taxtmi.com/caselaws?id=430505 The Central Bank of India filed a Company Petition to initiate Corporate Insolvency Resolution Process (CIRP) against a Personal Guarantor for non-repayment of a Term Loan, leading to the loan account being declared as NPA. The Respondent's attempt to file a counter was rejected due to lack of specified rights. The judgment emphasized procedural aspects under relevant sections of the Insolvency and Bankruptcy Code, stressing the importance of timelines and principles of natural justice. The Tribunal appointed a Resolution Professional, directing compliance within 10 days. The decision clarified notice requirements for various stages of the process, ensuring adherence to procedural fairness. en-us Fri, 21 Oct 2022 00:00:00 +0530 Mon, 21 Nov 2022 09:53:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=430505 The Central Bank of India filed a Company Petition to initiate Corporate Insolvency Resolution Process (CIRP) against a Personal Guarantor for non-repayment of a Term Loan, leading to the loan account being declared as NPA. The Respondent's attempt to file a counter was rejected due to lack of specified rights. The judgment emphasized procedural aspects under relevant sections of the Insolvency and Bankruptcy Code, stressing the importance of timelines and principles of natural justice. The Tribunal appointed a Resolution Professional, directing compliance within 10 days. The decision clarified notice requirements for various stages of the process, ensuring adherence to procedural fairness. Case-Laws Insolvency and Bankruptcy Fri, 21 Oct 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=430505