J&K Bank Files Insolvency Petition Against Personal Guarantor

Jammu & Kashmir Bank Ltd. filed an insolvency petition against Mrs. Richa Salaria, a personal guarantor to a corporate debtor.
The tribunal appointed Mr. Divyesh Desai as Resolution Professional to examine the application within 10 days.
An interim moratorium under Section 96(1)(a) of IBC commenced upon filing, staying all legal proceedings against the debtor.
The Financial Creditor was directed to make an advance payment of ₹2,00,000 to the Resolution Professional.