The National Company Law Appellate Tribunal (NCLAT) observed that Section 60(1) expressly provides for the NCLT to function as the Adjudicating Authority for Personal Guarantors to Corporate Debtors, thereby aligning such cases procedurally with corporate insolvency proceedings under Part II, even though the substantive provisions are rooted in Part III.
The Appellate Tribunal clarified that the jurisdiction conferred upon the NCLT under Section 60 is not merely procedural but also affects the appellate structure. Therefore, appeals against such orders would necessarily lie before the NCLAT under Section 61.
Dismissing the preliminary objection…
