Insolvency resolution proceedings rightly initiated against NRI personal guarantor

Sudip Dutta @ Sudip Bijoy Dutta Vs State Bank of India (NCLAT) Held that the provision under Section 60(1) makes it clear that the residence of Personal Guarantor is not taken into consideration when insolvency resolution proceedings against the Personal Guarantor are initiated. Facts- Proceedings initiated by State Bank of India u/s. 95 of I&B Code against the Appellant, who was the Personal Guarantor in the credit facilities extended to M/s Ess Dee Aluminum Ltd. (“Corporate Debtor”). NCLT vide order dated 03.08.2021 had admitted the petition and appointed Mr. Prashant Jain as...