NCLT Dismisses Indian Bank Personal Guarantor Insolvency Petition

NCLT Kolkata Bench dismisses Indian Bank's application to initiate insolvency against personal guarantor Mr. Aditya Vikram Agarwal for a ₹30.52 crore debt.
The Resolution Professional's report found the petition was time-barred as the demand notice was issued beyond the three-year limitation period from the 2018 default.
The application was also deficient as it lacked proof of service for the statutory demand notice on the guarantor, a mandatory requirement under IBC rules.
The corporate debtor, Vineet Oils Private Limited, defaulted on a ₹15 crore cash credit facility and was declared NPA on February 28, 2018.