https://www.taxtmi.com/caselaws?id=752623 NCLAT Principal Bench dismissed appeal challenging admission of Section 95 application filed by financial creditor against personal guarantor. Appellant argued application was time-barred as guarantee was invoked in 2016 making three-year limitation period expire in 2019, but application filed in 2021. NCLAT held Declaration cum Undertaking constituted acknowledgment of debt under Section 18 Limitation Act, extending limitation period. Supreme Court's COVID-19 exclusion order further protected application from time bar. Court rejected challenges regarding resolution professional's authority to file application and unstamped guarantee document, noting financial creditor's status was established in earlier Section 7 proceedings against corporate debtor. en-us Mon, 13 May 2024 00:00:00 +0530 Tue, 14 May 2024 09:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=752623 NCLAT Principal Bench dismissed appeal challenging admission of Section 95 application filed by financial creditor against personal guarantor. Appellant argued application was time-barred as guarantee was invoked in 2016 making three-year limitation period expire in 2019, but application filed in 2021. NCLAT held Declaration cum Undertaking constituted acknowledgment of debt under Section 18 Limitation Act, extending limitation period. Supreme Court's COVID-19 exclusion order further protected application from time bar. Court rejected challenges regarding resolution professional's authority to file application and unstamped guarantee document, noting financial creditor's status was established in earlier Section 7 proceedings against corporate debtor. Case-Laws Insolvency and Bankruptcy Mon, 13 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=752623