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Non‑Invocation of Personal Guarantee Amounting to Absence of Default: NCLT Dismisses Insolvency Petition Against Guarantor u/s 95–99 of IBC [Read Order]

In a recent ruling, the National Company Law Tribunal (NCLT), Mumbai Bench, dismissed an insolvency petition filed by Think Hard India Private Limited against the personal guarantor of Seya Industries Ltd., holding that failure to invoke the personal guarantee meant no default had occurred under the Insolvency and Bankruptcy Code (IBC). In January 2020, corporate debtor Seya Industries Ltd. obtained a…