Corporate Guarantor Faces CIRP as Limitation starts From Demand Notice, Not NPA Classification

Bank of India Vs Bahubali Realbuild Private Limited (NCLT Kolkata) The National Company Law Tribunal (NCLT), Kolkata Bench, admitted a petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 by Bank of India seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Bahubali Realbuild Private Limited in its capacity as a corporate guarantor for credit facilities extended to Sunbeam Dealers Private Limited, the principal borrower. The matter proceeded ex parte after the corporate debtor failed to appear despite repeated opportunities. The Financial Creditor ...