https://www.taxtmi.com/caselaws?id=766141 An application under Section 95 of the Insolvency and Bankruptcy Code must be supported by clear, account-wise particulars and documents showing the debt, default, and timeliness of the claim. A demand notice based on an aggregate figure drawn from multiple loan accounts, without proper correlation to individual accounts, dates of default, statements of account, and supporting material, is treated as vague and incomplete. A notice under SARFAESI Section 13(2) does not substitute for the separate demand notice required by Rule 7(1). On these facts, the personal insolvency order was set aside and the matter remitted for fresh consideration of limitation and maintainability. en-us Wed, 12 Feb 2025 00:00:00 +0530 Tue, 18 Feb 2025 15:06:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=766141 An application under Section 95 of the Insolvency and Bankruptcy Code must be supported by clear, account-wise particulars and documents showing the debt, default, and timeliness of the claim. A demand notice based on an aggregate figure drawn from multiple loan accounts, without proper correlation to individual accounts, dates of default, statements of account, and supporting material, is treated as vague and incomplete. A notice under SARFAESI Section 13(2) does not substitute for the separate demand notice required by Rule 7(1). On these facts, the personal insolvency order was set aside and the matter remitted for fresh consideration of limitation and maintainability. Case-Laws IBC Wed, 12 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=766141