NCLT Principal Bench admits UV ARC's petition to initiate insolvency against Captain Chander Mohan Sawhney for a guaranteed debt of ₹263.93 crore.
The personal guarantee was invoked following the corporate debtor's default and subsequent CIRP completion, with the guarantor failing to repay despite multiple demand notices.
The tribunal dismissed limitation challenges, citing continuing guarantee nature and debt acknowledgments in 2019 and 2021 undertakings.
Resolution Professional Shailesh Chandra Ojha is directed to proceed with the Personal Insolvency Resolution Process under IBC provisions.