https://www.taxtmi.com/caselaws?id=759558 An application under Section 94(1) of the Insolvency and Bankruptcy Code by a personal guarantor was found premature because the record did not show invocation of the personal guarantee. The notices relied upon related only to enforcement of the corporate debtor's security interest, and there was no separate step by the bank to proceed against the applicant as personal guarantor or to recover dues from her personal assets. Recovery proceedings against the principal borrower and other guarantors were treated as insufficient to amount to invocation of the guarantee. The application was therefore held not maintainable at that stage and dismissed as premature. en-us Fri, 08 Mar 2024 00:00:00 +0530 Thu, 03 Oct 2024 14:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=759558 An application under Section 94(1) of the Insolvency and Bankruptcy Code by a personal guarantor was found premature because the record did not show invocation of the personal guarantee. The notices relied upon related only to enforcement of the corporate debtor's security interest, and there was no separate step by the bank to proceed against the applicant as personal guarantor or to recover dues from her personal assets. Recovery proceedings against the principal borrower and other guarantors were treated as insufficient to amount to invocation of the guarantee. The application was therefore held not maintainable at that stage and dismissed as premature. Case-Laws IBC Fri, 08 Mar 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=759558