CIRP Not Maintainable as Corporate Guarantee Capped Below ₹1 Crore Threshold: NCLAT Delhi

Pravir Krishak Vs Bank of Baroda (NCLAT Delhi) The appeal before the National Company Law Appellate Tribunal (NCLAT), Delhi, arose from an order of the Adjudicating Authority (NCLT, Indore Bench) admitting a Section 7 application under the Insolvency and Bankruptcy Code, 2016 (IBC) against a Corporate Guarantor and initiating Corporate Insolvency Resolution Process (CIRP). The appeal was filed by the suspended director of the Corporate Guarantor. The primary issue for consideration was whether the Section 7 application was maintainable in view of the statutory threshold of ₹1 crore prescribe...