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Personal Guarantor Can’t Escape Liability After Signing Loan Guarantee: NCLAT Chennai
Case Law Details
- Case Name
- Dr. Badri Prasad Vs Tata Capital Financial Services Limited (NCLAT Chennai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- NCLAT
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Dr. Badri Prasad Vs Tata Capital Financial Services Limited (NCLAT Chennai)
The appeal arose from an order dated 14.08.2024 admitting an application under Section 95 of the Insolvency and Bankruptcy Code, 2016 (IBC) against the appellant in his capacity as a personal guarantor. The appellant claimed that he had earlier ceased to participate in the management of the corporate debtor pursuant to a Memorandum of Understanding (MoU) dated 01.03.2014 and subsequent withdrawal of his authority to operate the company’s bank accounts. He contended that he therefore could not be held liable for t...
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