Karnataka Bank Initiates Insolvency Against Personal Guarantor

Karnataka Bank filed a Section 95(1) IBC petition against personal guarantor Kashasai Elangkumaran for a default of ₹5.58 crore.
Waterfall Insolvency Professionals appointed as Interim Resolution Professional to examine the petition and submit a report under Section 99.
The NCLT Chennai bench cited Supreme Court precedent on the procedural nature of Sections 95-99 of the IBC.
The petition is listed for next hearing on 15.06.2026 for the IRP's report on acceptance or rejection.