https://www.taxtmi.com/caselaws?id=765387 NCLAT dismissed appeal challenging NCLT's jurisdiction over personal guarantor insolvency proceedings. Appellant argued NCLT lacked jurisdiction under Section 60(2) IBC when no CIRP against corporate debtor was pending. NCLAT held Section 60(1) establishes NCLT as appropriate adjudicating authority for personal guarantor insolvency proceedings. Section 60(2) does not restrict applications to situations where corporate debtor proceedings are pending, as "without prejudice" clause preserves Section 60(1)'s generality. Court emphasized personal guarantors are treated as separate species under IBC scheme, confirming NCLT's jurisdiction regardless of corporate debtor proceedings status. en-us Thu, 23 Jan 2025 00:00:00 +0530 Fri, 31 Jan 2025 07:54:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=765387 NCLAT dismissed appeal challenging NCLT's jurisdiction over personal guarantor insolvency proceedings. Appellant argued NCLT lacked jurisdiction under Section 60(2) IBC when no CIRP against corporate debtor was pending. NCLAT held Section 60(1) establishes NCLT as appropriate adjudicating authority for personal guarantor insolvency proceedings. Section 60(2) does not restrict applications to situations where corporate debtor proceedings are pending, as "without prejudice" clause preserves Section 60(1)'s generality. Court emphasized personal guarantors are treated as separate species under IBC scheme, confirming NCLT's jurisdiction regardless of corporate debtor proceedings status. Case-Laws IBC Thu, 23 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=765387