https://www.taxtmi.com/caselaws?id=770669 NCLAT Principal Bench dismissed appeal challenging admission of application under Section 7 IBC for initiating corporate insolvency resolution process. Tribunal held that appellants were borrowers, not guarantors, under three loan agreements totaling Rs. 5.85 crores. Loan agreements clearly categorized appellants and corporate debtor as borrowers with properties mortgaged to financial creditor. Appellants' contention of being guarantors rejected as agreements explicitly stated borrower status. Claims of financial distress and being lured into excess borrowing found without merit. Adjudicating Authority's order to initiate CIRP against corporate debtor upheld as legally correct. en-us Fri, 02 May 2025 00:00:00 +0530 Thu, 15 May 2025 07:32:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=770669 NCLAT Principal Bench dismissed appeal challenging admission of application under Section 7 IBC for initiating corporate insolvency resolution process. Tribunal held that appellants were borrowers, not guarantors, under three loan agreements totaling Rs. 5.85 crores. Loan agreements clearly categorized appellants and corporate debtor as borrowers with properties mortgaged to financial creditor. Appellants' contention of being guarantors rejected as agreements explicitly stated borrower status. Claims of financial distress and being lured into excess borrowing found without merit. Adjudicating Authority's order to initiate CIRP against corporate debtor upheld as legally correct. Case-Laws IBC Fri, 02 May 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=770669