While allowing the bankruptcy applications filed by Kerala Financial Corporation against personal guarantors, the Kochi bench of National Company Law Tribunal (NCLT) has held that the provisions of the Limitation Act, 1963, apply to proceedings under the Insolvency and Bankruptcy Code, 2016, and has condoned the delay in filing the applications.
The applications were filed by Kerala Financial Corporation, the creditor, against Dr. Bharath Chandran and Dr. Ashalatha Nair, who were personal guarantors for Trivandrum International Health Services Limited, the corporate debtor. The applications arose after the Corporate Insolvency Resolution Process (CIRP) against the corporate debtor failed, and liquidation proceedings were…