The National Company Law Appellate Tribunal (NCLAT), Principal Bench, New Delhi, has dismissed an appeal filed by Siddharth Satish Katariya, Ex-Director of Superfine Extrusions Private Limited (SEPL), challenging the initiation of Corporate Insolvency Resolution Process (CIRP)by Central Bank against the company, pointing to insufficient stamping.
The Tribunal upheld the order of the National Company Law Tribunal(NCLT) which had admitted a Section 7 application filed by Central Bank of India by holding that insufficiently stamped Deed of Guarantee is a curable defect and the onus to cure the same was on the Principal Borrower or the Corporate Guarantor as it was their obligation to pay the stamp duty.
The Adjudicating Authority has…