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IBC - Highlights / Catch Notes

Home Highlights July 2024 Year 2024 This

The Tribunal addressed the maintainability of an application ...


Tribunal ruled against personal insolvency for guarantor due to forum shopping. Clean hands required.

Case Laws     Insolvency and Bankruptcy

July 1, 2024

The Tribunal addressed the maintainability of an application regarding a Personal Guarantor's failure to repay debts to a Corporate Debtor. The issue of forum shopping arose as the Respondent was identified as a Co-Borrower, not a Personal Guarantor. The Applicant had pursued remedies in other legal forums, such as Arbitration and under the Negotiable Instrument Act, indicating forum shopping. The Tribunal found the Applicant did not approach the Adjudicating Authority with clean hands and rejected the Application for initiating Personal Insolvency Resolution Process against the Personal Guarantor.

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