https://www.taxtmi.com/highlights?id=94547 NCLAT held that the applications u/s 95 IBC filed by the creditor against the personal guarantors of the principal borrower were within limitation. The Tribunal noted two relevant dates: 27.06.2019 (recovery certificate) and 23.09.2019 (acceptance of OTS proposal by the borrower). The latter constituted an acknowledgment of debt under applicable limitation principles, thereby commencing a fresh three-year limitation period, further extended by exclusion of 15.03.2020 to 28.02.2022 pursuant to SC orders on Covid-19. Consequently, the application filed on 10.08.2024 was held timely. NCLAT also rejected the guarantors' contention that their guarantees had not been validly invoked, holding that the notice dated 29.11.2013 under Rule 7 was a statutory notice issued after invocation. Finding no merit in the grounds urged, NCLAT dismissed all appeals filed by the guarantors. en-us Thu, 27 Nov 2025 08:36:27 +0530 Thu, 27 Nov 2025 08:36:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=94547 NCLAT held that the applications u/s 95 IBC filed by the creditor against the personal guarantors of the principal borrower were within limitation. The Tribunal noted two relevant dates: 27.06.2019 (recovery certificate) and 23.09.2019 (acceptance of OTS proposal by the borrower). The latter constituted an acknowledgment of debt under applicable limitation principles, thereby commencing a fresh three-year limitation period, further extended by exclusion of 15.03.2020 to 28.02.2022 pursuant to SC orders on Covid-19. Consequently, the application filed on 10.08.2024 was held timely. NCLAT also rejected the guarantors' contention that their guarantees had not been validly invoked, holding that the notice dated 29.11.2013 under Rule 7 was a statutory notice issued after invocation. Finding no merit in the grounds urged, NCLAT dismissed all appeals filed by the guarantors. Highlights IBC Thu, 27 Nov 2025 08:36:27 +0530 https://www.taxtmi.com/highlights?id=94547