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NCLAT rejected appellants' challenge to IBC Section 7 application for corporate insolvency resolution. The tribunal found appellants were direct borrowers, not guarantors, in loan agreements totaling Rs. 5.85 Crores. Despite appellants' claims of financial distress and alleged coercion, the court determined the loan documentation clearly designated them as borrowers. The tribunal dismissed allegations of impropriety, affirming the Adjudicating Authority's decision to initiate corporate insolvency proceedings against the corporate debtor. The appeal was consequently dismissed, upholding the original insolvency resolution order.
NCLAT rejected appellants' challenge to IBC Section 7 application for corporate insolvency resolution. The tribunal found appellants were direct borrowers, not guarantors, in loan agreements totaling Rs. 5.85 Crores. Despite appellants' claims of financial distress and alleged coercion, the court determined the loan documentation clearly designated them as borrowers. The tribunal dismissed allegations of impropriety, affirming the Adjudicating Authority's decision to initiate corporate insolvency proceedings against the corporate debtor. The appeal was consequently dismissed, upholding the original insolvency resolution order.
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