Section 95 Admission Upheld Despite Non-Production of Guarantee Deed: NCLAT Chennai

Advertisement Raiz Bashirudeen Vs Tata Capital Financial Services Limited (NCLAT Chennai) The NCLAT Chennai considered an appeal under Section 61 of the Insolvency and Bankruptcy Code, 2016 challenging the order admitting proceedings under Section 95 of the Code against the appellant as a Personal Guarantor to the Corporate Debtor. The appellant principally contended that the admission order was vitiated because the deed of guarantee dated 30.05.2019 had not been placed on record and the proceedings had been initiated only on the basis of a letter of guarantee. The Corporate Debtor had obta...