Validity of S.95 Application for Personal Guarantor: NCLAT confirms Timely Filing and Proper Authorization

The National Company Law Appellate Tribunal (NCLAT) has upheld the timely filing and proper authorization of Section 95 applications for personal guarantors under the Insolvency and Bankruptcy Code (IBC). In this case, the tribunal confirmed that an application filed for a personal guarantor must adhere to the specified timelines and must be authorized appropriately. This ruling reinforces the strict procedural requirements for initiating insolvency proceedings against personal guarantors, ensuring that the insolvency process remains structured and fair to all parties involved.