Writ by personal guarantor not maintained as proceeding u/s. 95 of IBC pending

Sanjay Jhunjhunwala & Ors Vs Piramal Finance Limited & Ors (Calcutta High Court)

Calcutta High Court held that present writ petition filed by personal guarantor is not maintainable since the proceeding u/s. 95 of the IBC is pending before Adjudicating Authority and petition is filed without taking appropriate steps before appropriate forum.

Facts- The petitioners are guarantors who have provided personal guarantees securing the Credit Facilities availed by the respondent no.3. The respondent no.1 is a non-banking financial company engaged in the bus

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