Assets held in name of partnership firm is not personal property of personal guarantor: NCLAT Delhi

Ramesh Kumar Chugh Vs Assets Care & Construction Enterprises Limited (NCLAT Delhi) NCLAT Delhi held that assets held in the name of the partnership firm is not the personal property of the personal guarantor and cannot be subjected to the provisions of interim moratorium merely because a Section 95 application has been filed against a partner of the firm in respect of a personal guarantee given for a party other than the partnership firm. Facts- A Company Petition u/s. 95 of the IBC was filed by Operational Creditor-White Line Enterprises against Mr. Ramesh Kumar Chugh-Appellant who stood ...