Can the Demand Notice under Rule 7 of Personal Guarantors Rules, 2019 substitute Invocation of Guarantee?
Introduction On 28th February 2025, the National Company Law Appellate Tribunal (‘NCLAT’) in the case of State Bank of India v. Mr Deepak Kumar Singhania1, clarified that a statutory demand notice under Rule 7(1) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019 (‘Rules 2019’) does not amount […]
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