National Company Law Tribunal, Hyderabad Bench: In an application filed under Section 95, Insolvency and Bankruptcy Code, 2016 (IBC) by Bank of Baroda (Financial creditor) seeking initiation of personal insolvency resolution process (PIRP) against the personal guarantor of Vijay Home Appliances Ltd., the Bench of Rajeev Bhardwaj, Member (Judicial), and Sanjay Puri, Member (Technical), held that in the absence of valid invocation of the guarantee in terms of the deed, the application was not maintainable and dismissed the petition. The Court noted that,
“Form B serves only as a procedural requirement under Section 95 of the IBC and, by itself, cannot create any liability. The liability of the Personal Guarantor does not arise from…