NCLT can initiate insolvency proceedings of Personal Guarantors even when no CIRP pending against Corporate Debtor

Mahendra Kumar Agarwal Vs PTC India Financial Services Ltd (NCLAT Chennai) NCLAT Chennai held that National Company Law Tribunal (NCLT) has jurisdiction to initiate insolvency proceedings of Personal Guarantors even when no Corporate Insolvency Resolution Process (CIRP) Proceedings is pending against Corporate Debtor. Facts- The Appellant/ 1st Respondent/ Personal Guarantor of M/s. Gati Infrastructure Bhamsey Power Private Limited has preferred the instant Comp. App on being aggrieved in regard to the impugned order passed by the Adjudicating Authority (`National Company Law Tribunal’, Hyder...