Beneficiary under personal guarantee entitled to file application u/s. 95 of IBC

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.

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