Application u/s. 95 of IBC against Personal Guarantor not maintainable as defaulted amount less than one Crore

Mudraksh Investfin Pvt. Ltd. Vs Gursev Singh (NCLT Delhi) NCLT Delhi held that the threshold limit for invoking the provisions of Section 95 of Insolvency and Bankruptcy Code, 2016 qua the Personal Guarantor to Corporate Debtor would be Rs. One Crore only. Thus, since amount defaulted is less than Rs. 1 Crore, the application dismissed. Facts- The moot question arises to be determined here is whether in cases where the amount of default is less than 1 Crore, the Personal Guarantor can be treated as Insolvent and the application under Section 95 can be maintained against him. Conclusion- Held t...