NCLT admits plea for insolvency process initiation against personal guarantor

In re Anil Syal (NCLT) 1. Under consideration is an Application No. IB-589/(PB)/2020 filed under Section 94 (1) r/w sections 96, 97, 99 & 100 of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred as “IBC, 2016”) r/w Rule 6 (1) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for IRP for Personal Guarantors to Corporate Debtor) Rules, 2019. The prayer made is to initiate the Insolvency Resolution Process (hereinafter referred as “IR Process”) against the Applicant/Debtor who is the Personal Guarantor of Union Bank of India (hereinaf...