NCLT Kolkata admits State Bank of India's petition to initiate insolvency against personal guarantor Balkrishan Das Mundhra for Rs 424.44 crore debt.
The tribunal accepts the Resolution Professional's report recommending admission after the guarantor failed to respond to notices or prove debt repayment.
A 180-day moratorium is imposed on the guarantor's debts, and the RP is directed to invite creditor claims and prepare a repayment plan.
The order cites Supreme Court precedents establishing that a DRT recovery certificate creates a fresh cause of action under IBC.