The Delhi Bench of the National Company Law Appellate Tribunal (NCLAT) rejected the appellant’s corporate guarantee claim as time-barred and held that the 388-day delay violates the provisions of Section 12 of the Insolvency and Bankruptcy Code, 2016.
In this case, the appeal was filed by Moneywise Financial Services Private Limited under Section 61 of the Insolvency and Bankruptcy Code, 2016, National Company Law Tribunal, New Delhi Bench.
Coming to the facts of the case, the appellant is the Financial Creditor of the Corporate
Debtor, M/s Dream Procon Pvt. Ltd., and granted a loan of Rs. 5 crores to the latter for the
construction of a real estate project. Indirapuram Habitat Centre Pvt. Ltd. (IHCPL), a…