In a recent case, the Cochin bench of the National Company Law Tribunal (NCLAT) dismissed the application filed by Canara Bank under section 95 of the Insolvency and Bankruptcy Code (IBC), 2016, on failure to prove the claimed debt of 43 Crore.
Canara Bank, Asset-Recovery Management Branch under Section 95 of the Insolvency & Bankruptcy Code, 2016
(‘the Code’) read with Rule 7(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019, to initiate the insolvency resolution process in respect of Smt. Valsala T S, Mr. Stephen Logan and Mr. P A Nazeeb, Personal Guarantors to M/s Savute Textiles Private…