https://www.taxtmi.com/caselaws?id=432506 The National Company Law Tribunal dismissed the Appellant's challenge under Section 94 of the Insolvency and Bankruptcy Code, 2016. The Tribunal found that the notice under Section 13(2) of the SARFAESI Act did not invoke the guarantee against the Guarantor, as it pertained to enforcing security interest on mortgaged property. Due to the Bank's inaction within the limitation period specified by the Limitation Act, the Tribunal concluded that the guarantee was not invoked. As no action was taken against the Guarantor, the Tribunal rejected the application to initiate Corporate Insolvency Resolution Process, as the Bank had already admitted the Section 10 Application against the Corporate Debtor. en-us Thu, 05 Jan 2023 00:00:00 +0530 Sat, 07 Jan 2023 08:48:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=432506 The National Company Law Tribunal dismissed the Appellant's challenge under Section 94 of the Insolvency and Bankruptcy Code, 2016. The Tribunal found that the notice under Section 13(2) of the SARFAESI Act did not invoke the guarantee against the Guarantor, as it pertained to enforcing security interest on mortgaged property. Due to the Bank's inaction within the limitation period specified by the Limitation Act, the Tribunal concluded that the guarantee was not invoked. As no action was taken against the Guarantor, the Tribunal rejected the application to initiate Corporate Insolvency Resolution Process, as the Bank had already admitted the Section 10 Application against the Corporate Debtor. Case-Laws Insolvency and Bankruptcy Thu, 05 Jan 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=432506