Canara Bank's Rs 42 Crore Guarantor Case Dismissed

NCLT Mumbai dismissed Canara Bank's insolvency petition against personal guarantor Mr. Rajiv Prasad for Rs 42 crore debt.
The Tribunal ruled the petition was time-barred, as limitation began from a prior demand notice issued in January 2017.
The guarantor's defence cited the corporate debtor's dissolution and non-service of a demand notice, but these were rejected.
The Resolution Professional's report had recommended admission, noting the guarantor's claim of having no assets.