https://www.taxtmi.com/caselaws?id=457134 The NCLT Chandigarh dismissed a fresh application under Section 94 of IBC, 2016 filed by a personal guarantor. The tribunal held that filing a new application without challenging the earlier dismissal order dated 01.04.2024 constituted abuse of process. The applicant had misused the interim moratorium under Section 96 for over three years to delay recovery proceedings under SARFAESI Act and defraud creditors. Despite earlier liberty granted to file fresh application, the tribunal found the current petition was filed with malafide intentions and dismissed it for being non-maintainable. en-us Fri, 17 May 2024 00:00:00 +0530 Fri, 06 Sep 2024 20:53:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457134 The NCLT Chandigarh dismissed a fresh application under Section 94 of IBC, 2016 filed by a personal guarantor. The tribunal held that filing a new application without challenging the earlier dismissal order dated 01.04.2024 constituted abuse of process. The applicant had misused the interim moratorium under Section 96 for over three years to delay recovery proceedings under SARFAESI Act and defraud creditors. Despite earlier liberty granted to file fresh application, the tribunal found the current petition was filed with malafide intentions and dismissed it for being non-maintainable. Case-Laws Insolvency and Bankruptcy Fri, 17 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457134