https://www.taxtmi.com/caselaws?id=766952 NCLT Ahmedabad admitted an application under Section 94 of IBC against a personal guarantor despite absence of ongoing CIRP or liquidation against the corporate debtor. The tribunal found the petition maintainable as the guarantor had defaulted on Rs. 9.63 crore undisputed debt. Financial creditor had issued demand notices under SARFAESI Act and invoked guarantee through proper notices. IRP recommended acceptance noting no evidence of payment by guarantor and no cancellation of guarantee agreement. All conditions under Section 100 IBC were satisfied including valid guarantee invocation and required documentation under Rule 6. Insolvency Resolution Process initiated against personal guarantor. en-us Tue, 11 Feb 2025 00:00:00 +0530 Fri, 07 Mar 2025 08:41:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=766952 NCLT Ahmedabad admitted an application under Section 94 of IBC against a personal guarantor despite absence of ongoing CIRP or liquidation against the corporate debtor. The tribunal found the petition maintainable as the guarantor had defaulted on Rs. 9.63 crore undisputed debt. Financial creditor had issued demand notices under SARFAESI Act and invoked guarantee through proper notices. IRP recommended acceptance noting no evidence of payment by guarantor and no cancellation of guarantee agreement. All conditions under Section 100 IBC were satisfied including valid guarantee invocation and required documentation under Rule 6. Insolvency Resolution Process initiated against personal guarantor. Case-Laws IBC Tue, 11 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=766952