State Bank of India (SBI) filed an application under Section 95(1) of the Insolvency and Bankruptcy Code, 2016 against Mr. N Prapanna Kumar, who is the personal guarantor for M/s. Nathella Sampath Jewelry Private Limited. Nathella Sampath Jewelry Private Limited is undergoing liquidation, with a common order passed on 2020-01-03. The date of default is stated as 2018-02-04. A demand notice was issued to the Personal Guarantor on 2020-08-28. The application seeks to initiate the insolvency resolution process against the personal guarantor. The Hon'ble NCLAT has held that once an application under Section 95 of IBC, 2016 is filed, the Adjudicating Authority must act on it.

State Bank of India (SBI) filed an application under Section 95(1) of the Insolvency and Bankruptcy Code, 2016 against Mr. N Prapanna Kumar, who is the personal guarantor for M/s. Nathella Sampath Jewelry Private Limited. Nathella Sampath Jewelry Private Limited is undergoing liquidation, with a common order passed on 2020-01-03. The date of default is stated as 2018-02-04. A demand notice was issued to the Personal Guarantor on 2020-08-28. The application seeks to initiate the insolvency resolution process against the personal guarantor. The Hon'ble NCLAT has held that once an application under Section 95 of IBC, 2016 is filed, the Adjudicating Authority must act on it.