Rajesh Jain Vs Bank of Baroda (NCLAT Delhi)
The National Company Law Appellate Tribunal (NCLAT), Delhi, in the case of Rajesh Jain Vs Bank of Baroda, dismissed two appeals filed by personal guarantors challenging an order from the Mumbai bench of the National Company Law Tribunal (NCLT). The appeals arose from proceedings initiated by the Bank of Baroda under Section 95 of the Insolvency and Bankruptcy Code, 2016, against the personal guarantors. The guarantors had sought to direct the bank, the financial creditor, to provide certain lending documents to verify the amount repaid. The NCLT had rejected the applications but, in its order dated August 13, 2025, directed the concerned bank to provide inspection of the documents within two weeks if the personal guarantors applied for it. The guarantors appealed, arguing the NCLT should have directly granted the document access. The NCLAT, after review, held that the NCLT’s order adequately protected the appellant’s interest by permitting inspection. The Tribunal found no basis for interfering with the lower court’s directive, emphasizing that the appellants are free to make a request to the bank in light of paragraph 3 of the NCLT order, and the bank is obliged to comply. Consequently, the NCLAT dismissed both appeals, upholding the NCLT’s direction for document inspection rather than mandatory document provision.
