Home Case Index All Cases Insolvency and Bankruptcy Insolvency and Bankruptcy + Tri Insolvency and Bankruptcy - 2022 (6) TMI Tri This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2022 (6) TMI 1434 - NATIONAL COMPANY LAW TRIBUNAL, KOLKATAInitiation of legal action or proceedings in respect of any debt against Personal Guarantor during moratorium period - Section 96 of IBC - HELD THAT:- The presence of the term ‘and’ in the section should be read as a conjunctive one, which joins clause 1(a) of the section with clause 1(b) and infers that interim moratorium commences against all the debts (including his personal debt) and the creditors of the debtor are barred from initiating any legal proceedings in respect of any debt. Hence, the interim moratorium restrains any ongoing or fresh legal action or proceeding in respect of any debt pertaining to the Personal Guarantor. The application by IFCI was filed on 29 September, 2021, whereas, the application by SBI was filed on 09 July, 2021, which indicates that the interim moratorium against the personal guarantor commenced from 09 July, 2021. Application allowed.
|