Canara Bank Ltd. (Financial Creditor) filed a petition under Section 95(1) of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate a Personal Insolvency Resolution Process (PIRP) against Mr. Subhash Dabas (Personal Guarantor). The petition relates to a personal guarantee furnished by Mr. Dabas for credit facilities availed by M/s Tirupati Infraprojects Private Limited (Corporate Debtor). The Corporate Debtor defaulted on its obligations, leading to its accounts being classified as NPA. The guarantee was invoked by Canara Bank. Mr. Dabas disputed his liability, contending that the guarantees were forged, that he was discharged from liability due to a Corporate Debt Restructuring (CDR) package and novation, and that the application was barred by limitation.

Canara Bank Ltd. (Financial Creditor) filed a petition under Section 95(1) of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate a Personal Insolvency Resolution Process (PIRP) against Mr. Subhash Dabas (Personal Guarantor). The petition relates to a personal guarantee furnished by Mr. Dabas for credit facilities availed by M/s Tirupati Infraprojects Private Limited (Corporate Debtor). The Corporate Debtor defaulted on its obligations, leading to its accounts being classified as NPA. The guarantee was invoked by Canara Bank. Mr. Dabas disputed his liability, contending that the guarantees were forged, that he was discharged from liability due to a Corporate Debt Restructuring (CDR) package and novation, and that the application was barred by limitation.