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NATIONAL COMPANY LAW TRIBUNAL
Sh. Sushil Mahadeorao Kochey, Sh. Charanjeet Singh Gulati, JJ
Seeta Neeraj Shah – Appellant
Versus
ICICI Bank Ltd. – Respondent
| Table of Content |
|---|
| 1. corporate guarantee liability limited to rs. 25 crores. (Para 1 , 2 , 3 , 4 , 5 , 6) |
| 2. default interest liability not capped. (Para 7 , 8 , 9) |
| 3. resolution professional's role in cirp. (Para 10 , 25) |
| 4. interpretation of non-obstante clause. (Para 12 , 13 , 14 , 15 , 16) |
| 5. icici bank's arguments on default interest. (Para 17 , 18 , 19 , 21 , 22 , 23 , 24) |
| 6. financial debt includes interest. (Para 26 , 28) |
| 7. court's approach to interpreting guarantee terms. (Para 27 , 29 , 30 , 31 , 32) |
| 8. final ruling on guarantor's liability. (Para 33 , 34) |
| 9. application allowed as per prayer clause a. (Para 35) |
ORDER
1. This is an IA filed by the Applicant seeking a decision from this Tribunal that as per Clause 33 of the Corporate Guarantee dated 10.08.2016. The liability of the Company is limited to Rs. 25 Crores.
Contentions of Applicant.
2. The Applicant is a Suspended Director of Ushdev Engitech Limited (UEL) which is undergoing Corporate Insolvency Resolution Process pursuant to admission order dated 26.04.2023 passed by this Hon’ble Tribunal.
3. Respondent No.1-ICICI Bank Limited, is the Financial Creditor of the Corporate Debtor. The Corporate Debtor has executed a Corporate G
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