Guarantor's Debt Liability Upheld: Personal Insolvency Proceedings Admissible Under IBC.

The NCLAT ruled that the application to initiate Insolvency Resolution Process (IRP) against a personal guarantor under Section 95 of the Insolvency and Bankruptcy Code (IBC) was admissible. The guarantor acknowledged the debt, did not deny liability, and failed to provide evidence of repayment as required under Section 99(2). Following the bank's demand notice, the application was filed after the mandatory 14-day period. The Resolution Professional's independent verification and report confirming the default were crucial, leading to the dismissal of the appeal. .....

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