A practitioner-oriented synthesis of the IBC dispositions that have shaped the first half of 2026 — Elegna's reaffirmation of the mandatory-admission threshold, Embassy Developments' clean reversal at the NCLAT Principal Bench, Gokul Aggarwal on the limits of Section 12A withdrawal post-liquidation, Kejriwal on the personal-guarantor invocation question, the Sunil Kumar Jain order on EPFO assessment within the Section 14 moratorium, and the KLSR Infratech costs order. The piece reads them as a coherent doctrinal map of where insolvency law in India stands at mid-2026.
Valkya Editorial··9 min
Landmark JudgmentNational Company Law Appellate Tribunal, Principal Bench, New Delhi
The NCLAT has held that the demand notice in Form B prescribed under the 2019 Rules cannot, by itself, constitute invocation of a personal guarantee. A Section 95 IBC application against a personal guarantor without prior contractual invocation is not maintainable. The NCLAT went further: it directed that the conduct of UCO Bank officials in filing the application without invocation be brought to the attention of the bank's Chairman. A digest of the doctrinal point, the procedural architecture, and what it means for personal-guarantor practice.