https://www.taxtmi.com/caselaws?id=460852 Karnataka HC allowed a writ petition prohibiting NCLT from entertaining proceedings against petitioner under Section 95 of IBC. The petitioner had provided personal guarantee in 2010 for a company's term loan, which was subsequently waived. HC held that NCLT's jurisdiction over personal guarantors requires an existing guarantee. Since the guarantee was waived, petitioner was no longer a guarantor, making NCLT proceedings non-maintainable. The court declared the petition before NCLT not maintainable against the petitioner, emphasizing that waived guarantees negate NCLT's jurisdiction over individuals. en-us Tue, 28 May 2024 00:00:00 +0530 Tue, 25 Feb 2025 19:16:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=460852 Karnataka HC allowed a writ petition prohibiting NCLT from entertaining proceedings against petitioner under Section 95 of IBC. The petitioner had provided personal guarantee in 2010 for a company's term loan, which was subsequently waived. HC held that NCLT's jurisdiction over personal guarantors requires an existing guarantee. Since the guarantee was waived, petitioner was no longer a guarantor, making NCLT proceedings non-maintainable. The court declared the petition before NCLT not maintainable against the petitioner, emphasizing that waived guarantees negate NCLT's jurisdiction over individuals. Case-Laws IBC Tue, 28 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=460852