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NCLAT allowed the appeal, setting aside the NCLT's order challenging the insolvency proceedings. The Tribunal found that the corporate guarantor's multiple documentary acknowledgments, including signed sanction letters, revival letters, and balance confirmations, conclusively established ongoing liability. The Tribunal critically examined the lower court's findings, determining that the allegations of fraud and forum shopping were unsupported by substantive evidence. The decision upheld the guarantee's binding nature under Section 128 of the Indian Contract Act and affirmed the bank's legitimate debt recovery process. The appellate order emphasized the importance of comprehensive documentary evidence and proper judicial scrutiny in insolvency proceedings, ultimately reinstating the original Section 7 application.
NCLAT allowed the appeal, setting aside the NCLT's order challenging the insolvency proceedings. The Tribunal found that the corporate guarantor's multiple documentary acknowledgments, including signed sanction letters, revival letters, and balance confirmations, conclusively established ongoing liability. The Tribunal critically examined the lower court's findings, determining that the allegations of fraud and forum shopping were unsupported by substantive evidence. The decision upheld the guarantee's binding nature under Section 128 of the Indian Contract Act and affirmed the bank's legitimate debt recovery process. The appellate order emphasized the importance of comprehensive documentary evidence and proper judicial scrutiny in insolvency proceedings, ultimately reinstating the original Section 7 application.
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