https://www.taxtmi.com/caselaws?id=425830 The Tribunal dismissed both appeals, affirming the orders of the Adjudicating Authority. It held that the Guarantee Deed remains enforceable despite the Appellant acquiring citizenship of Singapore. The Tribunal clarified that NCLT has jurisdiction over the Appellant as a Personal Guarantor, regardless of foreign citizenship, and that Sections 234-235 do not apply as the assets are within India. The decision emphasized the legislative intent of the Insolvency and Bankruptcy Code to prevent Personal Guarantors from evading obligations through citizenship changes. en-us Fri, 29 Jul 2022 00:00:00 +0530 Tue, 02 Aug 2022 09:42:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=425830 The Tribunal dismissed both appeals, affirming the orders of the Adjudicating Authority. It held that the Guarantee Deed remains enforceable despite the Appellant acquiring citizenship of Singapore. The Tribunal clarified that NCLT has jurisdiction over the Appellant as a Personal Guarantor, regardless of foreign citizenship, and that Sections 234-235 do not apply as the assets are within India. The decision emphasized the legislative intent of the Insolvency and Bankruptcy Code to prevent Personal Guarantors from evading obligations through citizenship changes. Case-Laws Insolvency and Bankruptcy Fri, 29 Jul 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=425830