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HomeCompany & PMLADRT Lacks Jurisdiction in Personal Guarantor Insolvency Once CIRP Is Pending; Bombay...

DRT Lacks Jurisdiction in Personal Guarantor Insolvency Once CIRP Is Pending; Bombay HC Orders Transfer to NCLT

Company & PMLA

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By Mariya Paliwala
DRT Lacks Jurisdiction in Personal Guarantor Insolvency Once CIRP Is Pending; Bombay HC Orders Transfer to NCLT

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The Bombay High Court has held that once insolvency proceedings against a corporate debtor are pending before the National Company Law Tribunal (NCLT), any insolvency proceedings against its personal guarantors cannot continue before the Debt Recovery Tribunal (DRT). Such proceedings must either be instituted before, or transferred to, the NCLT. The Bench of Justice M.S….

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Mariya Paliwala
Mariya Paliwalahttps://www.jurishour.in/
Mariya is the Senior Editor at Juris Hour. She has 7+ years of experience on covering tax litigation stories from the Supreme Court, High Courts and various tribunals including CESTAT, ITAT, NCLAT, NCLT, etc. Mariya graduated from MLSU Law College, Udaipur (Raj.) with B.A.LL.B. and also holds an LL.M. She started her career as a freelance tax reporter in the leading online legal news companies.

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