Insolvency Application against Personal Guarantor is Maintainable u/s 60(1) of IBC even in Absence of Pending CIRP against CD: NCLAT
Anita Goyal vs Vistra ITCL (India) Ltd. & Anr CITATION : 2025 TAXSCAN (NCLAT) 141
The National Company Law Appellate Tribunal ( NCLAT ) bench in New Delhi has ruled that, even in cases where the National Company Law Tribunal ( NCLT ) has not yet started or is in the process of liquidating a corporate debtor, an application under section 95 of the Insolvency and Bankruptcy Code (Code) against the personal guarantor may be maintained before the NCLT under section 60(1) of the code.
The tribunal held that the applicability of section 60(1) of the code cannot be ruled out which means that the Adjudicating…