https://www.taxtmi.com/caselaws?id=772083 NCLAT dismissed an appeal challenging rejection of insolvency application under Section 94(1) of the Code. The case involved a continuing personal guarantee dated 23.09.2013 where the guarantor argued that bank's recovery through auction of mortgaged property extended limitation period. NCLAT held that the guarantee was continuing and unconditional, legally invoked by the bank. Recovery through DRT decree under RDBA 1993 did not constitute "debt" under Section 19 of Limitation Act 1963, therefore not extending limitation period for personal guarantee. The guarantor's arguments were rejected as untenable, and the appeal was dismissed without merit. en-us Fri, 02 May 2025 00:00:00 +0530 Wed, 04 Jun 2025 08:40:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=772083 NCLAT dismissed an appeal challenging rejection of insolvency application under Section 94(1) of the Code. The case involved a continuing personal guarantee dated 23.09.2013 where the guarantor argued that bank's recovery through auction of mortgaged property extended limitation period. NCLAT held that the guarantee was continuing and unconditional, legally invoked by the bank. Recovery through DRT decree under RDBA 1993 did not constitute "debt" under Section 19 of Limitation Act 1963, therefore not extending limitation period for personal guarantee. The guarantor's arguments were rejected as untenable, and the appeal was dismissed without merit. Case-Laws IBC Fri, 02 May 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=772083