NCLAT Bars Second Insolvency Plea Against Same Guarantor

Indian Bank Stressed Assets Management Branch Vs K R Tirumuruhan Green Haven (NCLAT Chennai) National Company Law Appellate Tribunal (NCLAT), Chennai Bench, has dismissed an appeal by Indian Bank’s Stressed Assets Management Branch (SAMB), affirming that a subsequent application to initiate insolvency resolution proceedings against a personal guarantor is barred if a similar action is already pending. Indian Bank, as the financial creditor, challenged an order dated January 6, 2025, issued by the National Company Law Tribunal (NCLT), Chennai Bench. The NCLT had deemed Indian Bank’...