The Court observed that the rectification power is confined to correcting mistakes apparent on the face of the record, not reviewing or revisiting merits. Relying on Supreme Court precedents, the Bench clarified that ITAT cannot sit in appeal over its own orders under the guise of rectification.

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).