https://www.taxtmi.com/caselaws?id=766473 NCLAT dismissed the appeal challenging initiation of Personal Insolvency Resolution Process under Section 95 of the Code. The Tribunal held that creditors can file applications through assignees despite lack of direct privity with guarantor, as assignment agreements create binding obligations. The personal guarantee allowed both lender and trustee to pursue guarantor independently. The adjudicating authority's order was valid, following natural justice principles appropriate for summary proceedings. Guarantor's liability remains co-extensive with corporate debtor under Section 128 of Indian Contract Act, requiring no prior action against principal borrower before pursuing surety. en-us Fri, 21 Feb 2025 00:00:00 +0530 Wed, 26 Feb 2025 08:17:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=766473 NCLAT dismissed the appeal challenging initiation of Personal Insolvency Resolution Process under Section 95 of the Code. The Tribunal held that creditors can file applications through assignees despite lack of direct privity with guarantor, as assignment agreements create binding obligations. The personal guarantee allowed both lender and trustee to pursue guarantor independently. The adjudicating authority's order was valid, following natural justice principles appropriate for summary proceedings. Guarantor's liability remains co-extensive with corporate debtor under Section 128 of Indian Contract Act, requiring no prior action against principal borrower before pursuing surety. Case-Laws IBC Fri, 21 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=766473