https://www.taxtmi.com/caselaws?id=457932 The NCLT Mumbai admitted an insolvency resolution petition against a corporate debtor based on a corporate guarantee. The debtor challenged the guarantee's validity, claiming it lacked RBI approval, was unstamped, and that parallel proceedings in Mauritius Court barred the petition. The Tribunal held that sufficient evidence proved the guarantee's execution, RBI approval absence didn't invalidate the transaction as the debtor failed to seek approval, unstamped instruments are curable defects, and parallel proceedings don't bar insolvency proceedings under Section 7 of the IBC. The guarantee liability constituted financial debt under the Code, warranting admission. en-us Fri, 30 Jun 2017 00:00:00 +0530 Mon, 30 Sep 2024 20:24:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457932 The NCLT Mumbai admitted an insolvency resolution petition against a corporate debtor based on a corporate guarantee. The debtor challenged the guarantee's validity, claiming it lacked RBI approval, was unstamped, and that parallel proceedings in Mauritius Court barred the petition. The Tribunal held that sufficient evidence proved the guarantee's execution, RBI approval absence didn't invalidate the transaction as the debtor failed to seek approval, unstamped instruments are curable defects, and parallel proceedings don't bar insolvency proceedings under Section 7 of the IBC. The guarantee liability constituted financial debt under the Code, warranting admission. Case-Laws IBC Fri, 30 Jun 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457932