NCLT Holds Section 7 Petition Not Maintainable Against Corporate Guarantor Without Valid Invocation of Guarantee
Introduction In a significant ruling clarifying the rights and obligations of financial creditors under the Insolvency and Bankruptcy Code, 2016 (“IBC”), the National Company Law Tribunal, Kochi Bench (“NCLT”) has held that a petition under Section 7 of the IBC is not maintainable against a corporate guarantor unless the guarantee is validly invoked in accordance […]