Insolvency Application was maintainable against Personal Guarantor u/s 60(1) even if there was absence of pending CIRP against CD

Anita Goyal Vs Vistra ITCL (India) Ltd. & Anr (NCLAT Delhi)

Conclusion: Even in cases where the National Company Law Tribunal ( NCLT ) had not yet started or was in the process of liquidating a corporate debtor, an application under section 95 of the Insolvency and Bankruptcy Code (Code) against the personal guarantor might be maintained before the NCLT under section 60(1) of the code. The view that NCLT had no jurisdiction to entertain Section 95 Application filed by the Financial Creditor and the Application ought to have been filed before the DRT was not val

Please become a Premium member. If you are already a Premium member, login here to access the full content.