NCLAT Rejects Appellant’s Corporate Guarantee Claim as Time-Barred, Holds 388-Day Delay Violates IBC S.12

The NCLAT (National Company Law Appellate Tribunal) has rejected an appellant's "corporate guarantee claim as time-barred," holding a "388-day delay violates IBC S12." This strict enforcement by the NCLAT emphasizes the critical importance of adhering to the stringent timelines prescribed under the Insolvency and Bankruptcy Code. Section 12 mandates the completion of the Corporate Insolvency Resolution Process (CIRP) within a specific timeframe. A delay of over a year in filing a claim for a corporate guarantee renders it inadmissible, reinforcing the time-bound nature of IBC proceedings.