The case involves a petition filed by Lalit Kishore Aggarwal and another, who are personal guarantors of M/s Globalite Retail Pvt. Ltd. They sought to quash a statutory demand notice dated 26.03.2021 issued under FORM B of Rule 7(1) of the Insolvency and Bankruptcy Code for the insolvency resolution process of personal guarantors to a corporate debtor. The respondents opposed the petition, arguing it was premature since no proceedings had been initiated against the petitioners. The petitioners sought leave to withdraw the petition with liberty to approach the NCLT/Appropriate Forum.
Lalit Kishore Aggarwal and another filed a petition as personal guarantors of M/s Globalite Retail Pvt. Ltd. They sought to quash a statutory demand notice dated 26.03.2021 issued under the Insolvency and Bankruptcy Code. The respondents argued that the petition was premature because no proceedings had been initiated against the petitioners. The petitioners then sought to withdraw the petition with liberty to approach the NCLT or other appropriate forum. The court dismissed the petition as withdrawn with liberty to approach the appropriate forum, directing that an advance copy of any petition filed by respondent no.3 against the petitioner be furnished to the petitioner.
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Statutory demand notice issued to the…
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The case involves a petition filed by Lalit Kishore Aggarwal and another, who are personal guarantors of M/s Globalite Retail Pvt. Ltd. They sought to quash a statutory demand notice dated 26.03.2021 issued under FORM B of Rule 7(1) of the Insolvency and Bankruptcy Code for the insolvency resolution process of personal guarantors to a corporate debtor. The respondents opposed the petition, arguing it was premature since no proceedings had been initiated against the petitioners. The petitioners sought leave to withdraw the petition with liberty to approach the NCLT/Appropriate Forum.
Lalit Kishore Aggarwal and another filed a petition as personal guarantors of M/s Globalite Retail Pvt. Ltd. They sought to quash a statutory demand notice dated 26.03.2021 issued under the Insolvency and Bankruptcy Code. The respondents argued that the petition was premature because no proceedings had been initiated against the petitioners. The petitioners then sought to withdraw the petition with liberty to approach the NCLT or other appropriate forum. The court dismissed the petition as withdrawn with liberty to approach the appropriate forum, directing that an advance copy of any petition filed by respondent no.3 against the petitioner be furnished to the petitioner.
Statutory demand notice issued to the…
The court dismissed the petition as…
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