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NCLAT upholds admission of the Section 95 application by the financial creditor and affirms enforceability of the personal guarantee executed on 02.03.2016. The Tribunal found cogent bank records, including bank statements and a promissory note, establish that credit facilities aggregating Rs. 44 crore were disbursed to the corporate borrower and that the guarantee was supported by consideration. The appellant's contention that no subsequent disbursal or pending DRT counterclaim precluded initiation of Section 95 proceedings was rejected. NCLAT declined to interfere with the adjudicating authority's order admitting the Section 95 application, noting the appellant remains free to advance a repayment proposal before the resolution professional in accordance with law.
NCLAT upholds admission of the Section 95 application by the financial creditor and affirms enforceability of the personal guarantee executed on 02.03.2016. The Tribunal found cogent bank records, including bank statements and a promissory note, establish that credit facilities aggregating Rs. 44 crore were disbursed to the corporate borrower and that the guarantee was supported by consideration. The appellant's contention that no subsequent disbursal or pending DRT counterclaim precluded initiation of Section 95 proceedings was rejected. NCLAT declined to interfere with the adjudicating authority's order admitting the Section 95 application, noting the appellant remains free to advance a repayment proposal before the resolution professional in accordance with law.
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