NCLAT Upholds personal guarantor liability

The National Company Law Appellate Tribunal (NCLAT), Chennai Bench, upheld the admission of insolvency proceedings under Section 95 of the Insolvency and Bankruptcy Code, 2016 against a personal guarantor. 

The Tribunal ruled that the absence of a separate deed of guarantee does not invalidate proceedings where the loan agreement and related documents sufficiently establish the guarantee and the guarantor's obligations.