https://www.taxtmi.com/caselaws?id=467180 The article addresses whether the three month limit for initiating bankruptcy against personal guarantors is mandatory or directory. It explains the Tribunal treated the statutory deadline as directory on the facts, noting absence of an express statutory embargo for non compliance, and upheld prior condonation of delay and admission of Section 121(1) applications. The piece emphasises reliance on principles of statutory interpretation, limits on inherent powers where statute does not preclude relief, and application of waiver and estoppel because the appellants failed to challenge an earlier condonation order; appeals were dismissed. en-us Thu, 06 Feb 2025 00:00:00 +0530 Tue, 10 Mar 2026 08:51:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=467180 The article addresses whether the three month limit for initiating bankruptcy against personal guarantors is mandatory or directory. It explains the Tribunal treated the statutory deadline as directory on the facts, noting absence of an express statutory embargo for non compliance, and upheld prior condonation of delay and admission of Section 121(1) applications. The piece emphasises reliance on principles of statutory interpretation, limits on inherent powers where statute does not preclude relief, and application of waiver and estoppel because the appellants failed to challenge an earlier condonation order; appeals were dismissed. Case-Laws IBC Thu, 06 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=467180