https://www.taxtmi.com/caselaws?id=770307 NCLAT held that the threshold limit for filing applications under Section 95(1) of IBC against personal guarantors of corporate debtors is Rs.1 crore as per Section 4, not Rs.1000 as per Section 78. The tribunal rejected appellant's argument for the lower threshold, noting that accepting Rs.1000 would lead to numerous frivolous insolvency cases against personal guarantors, frustrating the legislative purpose. NCLAT confirmed NCLT as the appropriate adjudicating authority for personal guarantor insolvency matters, relying on SC precedent in Lalit Kumar Jain. Appeal dismissed. en-us Fri, 02 May 2025 00:00:00 +0530 Fri, 09 May 2025 09:12:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=770307 NCLAT held that the threshold limit for filing applications under Section 95(1) of IBC against personal guarantors of corporate debtors is Rs.1 crore as per Section 4, not Rs.1000 as per Section 78. The tribunal rejected appellant's argument for the lower threshold, noting that accepting Rs.1000 would lead to numerous frivolous insolvency cases against personal guarantors, frustrating the legislative purpose. NCLAT confirmed NCLT as the appropriate adjudicating authority for personal guarantor insolvency matters, relying on SC precedent in Lalit Kumar Jain. Appeal dismissed. Case-Laws IBC Fri, 02 May 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=770307