NCLT Dismisses Personal Guarantors' Petitions with Costs

Personal guarantors Kalpana Garg and Monicadevi Garg filed insolvency petitions under Section 94 IBC for debts owed to Standard Chartered Bank.
The bank opposed, arguing petitions were filed mala fide to delay SARFAESI recovery after symbolic possession was taken.
NCLT dismissed the petitions as abuse of process under Section 65 IBC and imposed costs of Rs. 2 lakhs each.
Interim moratorium is lifted, allowing the bank to continue SARFAESI proceedings for debt recovery.