Section 10A and related deductions: Tribunal rejects separate-undertaking claim, but allows loss set-off, ESOP cost and foreign tax credit in principl...
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Absence of a separately produced deed of guarantee did not invalidate insolvency proceedings where the record showed the appellant had executed a letter of guarantee, signed the loan agreement as guarantor, and never disputed his status or alleged fraud. The loan agreement recorded his undertaking and liability, which was sufficient to establish him as a personal guarantor and surety to the corporate debtor within the Code. On that basis, the correlated documents satisfied the substantive requirement of a contract of guarantee, and the challenge to admission of the insolvency application failed.
Absence of a separately produced deed of guarantee did not invalidate insolvency proceedings where the record showed the appellant had executed a letter of guarantee, signed the loan agreement as guarantor, and never disputed his status or alleged fraud. The loan agreement recorded his undertaking and liability, which was sufficient to establish him as a personal guarantor and surety to the corporate debtor within the Code. On that basis, the correlated documents satisfied the substantive requirement of a contract of guarantee, and the challenge to admission of the insolvency application failed.
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