Personal Guarantor’s IBC Insolvency Petition Rejected as Default Below ₹1 Crore Limit: NCLT

In re Keerthan Kumar Upadhya (NCLT Chennai) The National Company Law Tribunal (NCLT) Chennai considered an application filed by Mr. Keerthan Kumar Upadhya, a personal guarantor to SKV United Hospitals Limited, seeking to initiate his own insolvency resolution process under Section 94(1) of the Insolvency & Bankruptcy Code, 2016 (IBC). SKV United Hospitals Limited had availed credit facilities from Shreem Hreem Shreem Holdings, for which Mr. Upadhya had provided a personal guarantee. Upon the corporate debtor’s failure to repay the debt, the personal guarantor filed the present applic...