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Beneficiary under personal guarantee entitled to file application u/s. 95 of IBC
Case Law Details
- Case Name
- Krishan Kumar Jajoo Vs Piramal Enterprises Ltd. (NCLAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 21/02/2025
- Courts
- NCLAT
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Krishan Kumar Jajoo Vs Piramal Enterprises Ltd. (NCLAT Delhi)
NCLAT Delhi held that beneficiary under the personal guarantee is fully entitled to initiate Personal Insolvency Resolution Process against personal guarantor u/s. 95 of the Insolvency and Bankruptcy Code, 2016 (IBC).
Facts- Piramal Enterprises Ltd. earlier known as PHL Fininvest Pvt. Ltd. is the Respondent No.1 herein, engaged in various financial services business. Jayant Prakash who is the Resolution Professional of the Corporate Debtor is the Respondent No.2 herein.
The facility in question was initially granted...
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