https://www.taxtmi.com/caselaws?id=456314 The NCLAT dismissed an appeal challenging admission of a Section 95 application against a personal guarantor. The tribunal held that when CIRP proceedings against a corporate debtor are pending before an NCLT, applications under Section 95 against personal guarantors must be filed before the same NCLT per Section 60(2). The application by one financial creditor filed before NCLT New Delhi lacked jurisdiction since the corporate debtor's proceedings were at NCLT Chandigarh. However, another creditor's subsequent application was within limitation period and properly admitted. The appellant failed to deny debt and default, rendering the appeal meritless. en-us Tue, 16 Apr 2024 00:00:00 +0530 Mon, 15 Jul 2024 19:51:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=456314 The NCLAT dismissed an appeal challenging admission of a Section 95 application against a personal guarantor. The tribunal held that when CIRP proceedings against a corporate debtor are pending before an NCLT, applications under Section 95 against personal guarantors must be filed before the same NCLT per Section 60(2). The application by one financial creditor filed before NCLT New Delhi lacked jurisdiction since the corporate debtor's proceedings were at NCLT Chandigarh. However, another creditor's subsequent application was within limitation period and properly admitted. The appellant failed to deny debt and default, rendering the appeal meritless. Case-Laws Insolvency and Bankruptcy Tue, 16 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=456314