https://www.taxtmi.com/caselaws?id=758082 NCLT Hyderabad dismissed a petition seeking initiation of insolvency resolution process against a personal guarantor. The court found that the financial creditor failed to properly serve the mandatory demand notice under Section 95(4)(b) of IBC. Despite claiming service of a demand notice dated 16.10.2021, postal records showed the notice was returned undelivered with "no such addressee" endorsement. The creditor had sent the notice to a property address already taken possession of under SARFAESI Act, making proper service impossible. The court held this reduced statutory compliance to mockery, rendering the petition misconceived and contrary to IBC provisions. en-us Mon, 08 Jul 2024 00:00:00 +0530 Sat, 07 Sep 2024 08:17:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=758082 NCLT Hyderabad dismissed a petition seeking initiation of insolvency resolution process against a personal guarantor. The court found that the financial creditor failed to properly serve the mandatory demand notice under Section 95(4)(b) of IBC. Despite claiming service of a demand notice dated 16.10.2021, postal records showed the notice was returned undelivered with "no such addressee" endorsement. The creditor had sent the notice to a property address already taken possession of under SARFAESI Act, making proper service impossible. The court held this reduced statutory compliance to mockery, rendering the petition misconceived and contrary to IBC provisions. Case-Laws Insolvency and Bankruptcy Mon, 08 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=758082