Section 95 IBC Applications Cannot Be Dismissed on Limitation at First Hearing: NCLAT

Canara Bank Vs Uma Kumari Singh (NCLAT Delhi)

The National Company Law Appellate Tribunal (NCLAT), Delhi, delivered a key judgment in Canara Bank vs. Uma Kumari Singh, addressing the proper procedural framework for initiating Corporate Insolvency Resolution Process (CIRP) against personal guarantors under Section 95 of the Insolvency and Bankruptcy Code, 2016 (IBC). The appeals arose from three separate orders in which the NCLT, acting on Canara Bank’s applications against personal guarantors of M/s Barmendra Agrotech Pvt. Ltd., had dismissed the

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