https://www.taxtmi.com/caselaws?id=764489 The NCLAT allowed the appeal regarding insolvency proceedings against a personal guarantor. The HC had dismissed the petition under Section 95 IBC, ruling guarantees were unenforceable or time-barred. The NCLAT held that guarantees containing irrevocable and continuous clauses cannot be unilaterally revoked by the guarantor without creditor consent. Subsequent amendments reducing facilities benefited both debtor and guarantor, maintaining liability for outstanding amounts. The proceedings were filed within limitation period, considering COVID exemptions. The NCLAT also found the HC violated natural justice principles by making adverse observations against the Resolution Professional without hearing her version. en-us Mon, 06 Jan 2025 00:00:00 +0530 Fri, 10 Jan 2025 17:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=764489 The NCLAT allowed the appeal regarding insolvency proceedings against a personal guarantor. The HC had dismissed the petition under Section 95 IBC, ruling guarantees were unenforceable or time-barred. The NCLAT held that guarantees containing irrevocable and continuous clauses cannot be unilaterally revoked by the guarantor without creditor consent. Subsequent amendments reducing facilities benefited both debtor and guarantor, maintaining liability for outstanding amounts. The proceedings were filed within limitation period, considering COVID exemptions. The NCLAT also found the HC violated natural justice principles by making adverse observations against the Resolution Professional without hearing her version. Case-Laws IBC Mon, 06 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=764489