One Proceeding at a Time: NCLAT Bars Parallel Insolvency Applications Against Same Personal Guarantor
I. Introduction In a significant reaffirmation of procedural discipline under the Insolvency and Bankruptcy Code, 2016 (“IBC”), the National Company Law Appellate Tribunal (NCLAT), Chennai Bench, in Indian Bank v. K.R. Tirumuruhan, dismissed a subsequent insolvency application filed under Section 95 of the IBC against a personal guarantor, reiterating that once proceedings are pending under […]
