Yes Bank Ltd. (Financial Creditor) filed a petition under Section 95(1) of the IBC, 2016, to initiate Personal Insolvency Resolution Process (PIRP) against Mr. Rajesh Madan, who is a personal guarantor for M/s Johnson Watch Company Private Limited (Corporate Debtor). The Corporate Debtor defaulted on credit facilities, leading to its account being classified as a Non-Performing Asset (NPA). Demand notices, including one under Section 13(2) of the SARFAESI Act, were issued to the Corporate Debtor and the personal guarantors. A Resolution Professional (RP) was appointed and submitted a report under Section 99 of the Code, recommending the admission of the application. Mr. Rajesh Madan, the Personal Guarantor, raised several objections, including the lack of valid

Yes Bank Ltd. (Financial Creditor) filed a petition under Section 95(1) of the IBC, 2016, to initiate Personal Insolvency Resolution Process (PIRP) against Mr. Rajesh Madan, who is a personal guarantor for M/s Johnson Watch Company Private Limited (Corporate Debtor). The Corporate Debtor defaulted on credit facilities, leading to its account being classified as a Non-Performing Asset (NPA). Demand notices, including one under Section 13(2) of the SARFAESI Act, were issued to the Corporate Debtor and the personal guarantors. A Resolution Professional (RP) was appointed and submitted a report under Section 99 of the Code, recommending the admission of the application. Mr. Rajesh Madan, the Personal Guarantor, raised several objections, including the lack of valid