No fresh Notice invoking Guarantee is required for filing Section 95 application under IBC – K.M. Sebastine (Kalarithara Michael Sebastine) Personal Guarantor of Schifflies India Ltd. Vs. State Bank of India and Anr. – NCLAT New Delhi
Hon’ble NCLAT observed that in the present case notice of demand was given on 26.08.2014 which has already been brought on record which notice was addressed to the appellant. The submission of the Appellant that after the said notice further fresh notices were required for filing Section 95 application does not appeal to us. When by the notice guarantee was invoked by the bank, bank was entitled to initiate proceedings and present is the case where bank is claiming extension of limitation under Section 18 thus we are not satisfied that invocation of guarantee was to be repeatedly done by the bank before filing the application under Section 95.
