https://www.taxtmi.com/highlights?id=98470 NCLAT held that bankruptcy proceedings against personal guarantors were a lawful consequence of an unchallenged order under Section 114(1) of the Insolvency and Bankruptcy Code. Once the repayment-plan stage had been exhausted and no viable plan was submitted, the Adjudicating Authority could proceed under Section 115(2) and Section 121 without issuing a fresh show-cause notice or hearing at the bankruptcy stage. Rule 37 of the NCLT Rules was treated as inapplicable to reopen a process already completed, and the appellants were bound by waiver and finality of the earlier adjudicatory order. The bankruptcy order was therefore upheld. en-us Mon, 06 Apr 2026 08:51:45 +0530 Mon, 06 Apr 2026 08:51:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=98470 NCLAT held that bankruptcy proceedings against personal guarantors were a lawful consequence of an unchallenged order under Section 114(1) of the Insolvency and Bankruptcy Code. Once the repayment-plan stage had been exhausted and no viable plan was submitted, the Adjudicating Authority could proceed under Section 115(2) and Section 121 without issuing a fresh show-cause notice or hearing at the bankruptcy stage. Rule 37 of the NCLT Rules was treated as inapplicable to reopen a process already completed, and the appellants were bound by waiver and finality of the earlier adjudicatory order. The bankruptcy order was therefore upheld. Highlights IBC Mon, 06 Apr 2026 08:51:45 +0530 https://www.taxtmi.com/highlights?id=98470