https://www.taxtmi.com/caselaws?id=762300 A Section 95 Insolvency and Bankruptcy Code petition was held premature where the guarantee deed allowed the guarantor 60 days from demand notice to pay, and the petition was filed before that period expired; the agreed contractual timeline prevailed on the facts. The filing was also treated as collusive because it was timed to trigger the interim moratorium under Section 96 and stall pending High Court proceedings, with the surrounding conduct supporting that inference. The appeal therefore failed, and the dismissal of the personal insolvency petition and the cost order were left undisturbed. en-us Thu, 08 Aug 2024 00:00:00 +0530 Fri, 29 Nov 2024 08:16:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=762300 A Section 95 Insolvency and Bankruptcy Code petition was held premature where the guarantee deed allowed the guarantor 60 days from demand notice to pay, and the petition was filed before that period expired; the agreed contractual timeline prevailed on the facts. The filing was also treated as collusive because it was timed to trigger the interim moratorium under Section 96 and stall pending High Court proceedings, with the surrounding conduct supporting that inference. The appeal therefore failed, and the dismissal of the personal insolvency petition and the cost order were left undisturbed. Case-Laws IBC Thu, 08 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=762300