The Court found merit in the trust’s explanation regarding the inability of the elderly treasurer to attend to departmental proceedings during the pandemic period.

The Tribunal held that once a corporate entity voluntarily executes a guarantee, it becomes independently liable for the debt, which qualifies as “financial debt” under Section 5(8)(i) of the Insolvency and Bankruptcy Code (IBC).

The Tribunal held that once a corporate entity voluntarily executes a guarantee, it becomes independently liable for the debt, which qualifies as “financial debt” under Section 5(8)(i) of the Insolvency and Bankruptcy Code (IBC).