Deciding two connected writ petitions arising from a common Industrial Tribunal Award, the Delhi High Court set aside the Tribunal's direction granting hotel workmen a further…
Labour Laws
06/09/20264 min read
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Application U/S 95(1) Of IBC Against Personal Guarantor Not Maintainable In Absence Of CIRP Proceedings Against Corporate Debtor: NCLT Kolkata
Corporate Law & GovernanceInsolvency & Bankruptcy Code
The NCLT Kolkata ruled that an application filed against a personal guarantor under Section 95 of the Insolvency and Bankruptcy Code (IBC) is not maintainable in the absence of Corporate Insolvency Resolution Process (CIRP) or liquidation proceedings against the corporate debtor. The ruling clarifies that personal guarantors can only be proceeded against once CIRP or liquidation proceedings begin for the corporate debtor.
