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NCLAT dismissed the insolvency application under Section 95 of IBC, finding the consent decree invalid as a guarantee instrument. The tribunal held that the decree lacked independent documentary evidence establishing voluntary personal guarantee, was obtained during a moratorium period, and was fundamentally vitiated by fraud among related parties. The court emphasized that a consent decree cannot create fresh legal obligations or serve as conclusive proof of debt, particularly when the guarantee was not properly invoked and the parties were interconnected through familial business relationships.
NCLAT dismissed the insolvency application under Section 95 of IBC, finding the consent decree invalid as a guarantee instrument. The tribunal held that the decree lacked independent documentary evidence establishing voluntary personal guarantee, was obtained during a moratorium period, and was fundamentally vitiated by fraud among related parties. The court emphasized that a consent decree cannot create fresh legal obligations or serve as conclusive proof of debt, particularly when the guarantee was not properly invoked and the parties were interconnected through familial business relationships.
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