NCLT starts personal insolvency over ₹1.65 crore bank default
In short
The NCLT has admitted a personal insolvency case against a guarantor over a ₹1.65 crore bank default. It also imposed a 180-day moratorium, according to the reported order.
This matters because debt recovery is now paused while the case moves ahead under insolvency rules. The available reporting does not say the guarantor’s name or the next step after 180 days.
What the reporting says
The NCLT admitted a personal insolvency plea against a guarantor over unpaid bank dues of ₹1.65 crore and declared a 180-day moratorium. The reporting says the tribunal relied on subsisting guarantee liability and a resolution professional’s favourable report to meet IBC requirements. It is not stated in the available reporting who the guarantor is or what happens after the moratorium period.
Why it matters
The NCLT admitted a personal insolvency plea against a guarantor linked to unpaid bank dues of ₹1.65 crore and imposed a 180-day moratorium. The reported basis was a subsisting guarantee liability and a resolution professional’s favourable report under the IBC. The immediate effect is a freeze on recovery action, but the available reporting does not state the guarantor’s identity or the outcome after the moratorium.