The NCLAT held that a Form B demand notice cannot substitute invocation of a personal guarantee and that proceedings under Section 95 IBC against a personal guarantor are not maintainable without prior contractual invocation.

The NCLAT held that leasehold rights vested in a Corporate Debtor constitute intangible assets forming part of the liquidation estate under the IBC and may be validly controlled and sold by the Liquidator despite ownership of land vesting with the lessor.