NCLT dismisses Canara Bank's Application u/s 95 of IBC on Failure to Prove Claimed Debt of 43 Cr

The NCLT (National Company Law Tribunal) has dismissed Canara Bank's application under Section 95 of the IBC (Insolvency and Bankruptcy Code) due to "failure to prove claimed debt." Section 95 allows a creditor to initiate insolvency resolution process against a personal guarantor. This dismissal highlights the critical requirement for the creditor to provide clear and sufficient evidence of the debt and default to the NCLT. If the bank fails to substantiate its claim, the application will not be entertained, ensuring that insolvency proceedings are initiated only on valid and proven grounds.