https://www.taxtmi.com/caselaws?id=313448 The NCLT dismissed the Section 7 Application against the Corporate Debtor, deeming it time-barred due to the invocation of the corporate guarantee on 16.10.2020, which fell within the Section 10A prohibition period. The Adjudicating Authority determined the default date based on the guarantee notice, despite the Appellant's contention of an earlier default date of 02/07/2019. The Tribunal upheld the dismissal, affirming that the liability of the corporate guarantor begins upon invocation of the guarantee. The Appellant retains the right to explore other legal remedies despite this dismissal. en-us Wed, 26 Jul 2023 00:00:00 +0530 Mon, 15 Apr 2024 20:25:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=313448 The NCLT dismissed the Section 7 Application against the Corporate Debtor, deeming it time-barred due to the invocation of the corporate guarantee on 16.10.2020, which fell within the Section 10A prohibition period. The Adjudicating Authority determined the default date based on the guarantee notice, despite the Appellant's contention of an earlier default date of 02/07/2019. The Tribunal upheld the dismissal, affirming that the liability of the corporate guarantor begins upon invocation of the guarantee. The Appellant retains the right to explore other legal remedies despite this dismissal. Case-Laws Insolvency and Bankruptcy Wed, 26 Jul 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=313448