NCLAT Upholds Rejection of Guarantors’ Repayment Plans for Failure to Submit Revised Proposals

Reena Paul Vs CA Francis Mathew (NCLAT Chennai) Summary: The National Company Law Appellate Tribunal (NCLAT), Chennai, decided five Company Appeals together, as they raised common questions of fact and law concerning personal guarantors of a corporate debtor, M/s. Unitek Power Solutions India Limited. The appeals involved personal guarantors who had stood as guarantors against financial assistance provided by JM Financial Asset Reconstruction Company Ltd. The creditor initiated proceedings under Section 95 of the Insolvency & Bankruptcy Code (I&B Code), 2016, leading to the personal...