https://www.taxtmi.com/caselaws?id=450064 NCLT admitted application under Section 95(1) of IBC, 2016 for initiation of CIRP against personal guarantor. Court held that under Section 128 of Indian Contract Act, 1872, principal borrower and surety are jointly and severally liable upon default. IRP recommended acceptance after guarantor admitted executing guarantee agreement and applicant issued demand notice. No evidence of payment was produced by guarantor. Application was within limitation period. NCLT directed initiation of insolvency resolution process with 180-day moratorium on debts effective from admission date. en-us Wed, 07 Feb 2024 00:00:00 +0530 Mon, 26 Feb 2024 18:52:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=450064 NCLT admitted application under Section 95(1) of IBC, 2016 for initiation of CIRP against personal guarantor. Court held that under Section 128 of Indian Contract Act, 1872, principal borrower and surety are jointly and severally liable upon default. IRP recommended acceptance after guarantor admitted executing guarantee agreement and applicant issued demand notice. No evidence of payment was produced by guarantor. Application was within limitation period. NCLT directed initiation of insolvency resolution process with 180-day moratorium on debts effective from admission date. Case-Laws Insolvency and Bankruptcy Wed, 07 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=450064