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NCLAT dismisses the appeal and upholds the impugned order in a Section 7 IBC proceeding, finding the financial creditor's application admissible. The tribunal held that the corporate debtor's contention of discharge pursuant to a revised sanction dated 18.11.2017 is unsustainable because all existing terms, including the guarantee clause, remained operative. No evidence establishes that the financial creditor discharged the corporate debtor's contingent liability as guarantor; a letter from the principal borrower seeking release of the guarantee post-renewal evidenced continuance rather than discharge. No infirmity was shown in the impugned order; appeal dismissed without any order as to costs.
NCLAT dismisses the appeal and upholds the impugned order in a Section 7 IBC proceeding, finding the financial creditor's application admissible. The tribunal held that the corporate debtor's contention of discharge pursuant to a revised sanction dated 18.11.2017 is unsustainable because all existing terms, including the guarantee clause, remained operative. No evidence establishes that the financial creditor discharged the corporate debtor's contingent liability as guarantor; a letter from the principal borrower seeking release of the guarantee post-renewal evidenced continuance rather than discharge. No infirmity was shown in the impugned order; appeal dismissed without any order as to costs.
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