Omkara Assets Reconstruction Private Limited filed a company petition against Mrs. Terry Elias D'Souza, the personal guarantor of a corporate debtor, seeking initiation of the Insolvency Resolution Process. The Financial Creditor invoked the personal guarantee due to the corporate debtor's default and issued an Invocation Letter. A demand notice dated 04.07.2016 was issued. The Financial Creditor claims the demand notice invoked the guarantee. The court noted that the demand notice might not have explicitly called upon the Respondent Guarantor to pay under the guarantee, but rather requested them to have the borrower compile the overdues. The petition was filed under Section 95(1) of the Insolvency and Bankruptcy Code, 2016.

Omkara Assets Reconstruction Private Limited filed a company petition against Mrs. Terry Elias D'Souza, the personal guarantor of a corporate debtor, seeking initiation of the Insolvency Resolution Process. The Financial Creditor invoked the personal guarantee due to the corporate debtor's default and issued an Invocation Letter. A demand notice dated 04.07.2016 was issued. The Financial Creditor claims the demand notice invoked the guarantee. The court noted that the demand notice might not have explicitly called upon the Respondent Guarantor to pay under the guarantee, but rather requested them to have the borrower compile the overdues. The petition was filed under Section 95(1) of the Insolvency and Bankruptcy Code, 2016.