The National Company Law Appellate Tribunal (NCLAT) has upheld an order passed by the NCLT, directing insolvency proceedings against a personal guarantor of Mumbai-based Nyka Steel.
A two-member bench of the appellate tribunal upheld a February 3, 2026 order of the National Company Law Tribunal (NCLT), Mumbai, which had admitted UCO Bank’s plea to initiate insolvency proceedings against Asif Ahmed Siddique.
Section 95 of the Insolvency and Bankruptcy Code (IBC), 2016 allows creditors to start insolvency proceedings against debtors, which includes personal guarantors and partnership firms.
Nyka Steel is already undergoing a Corporate Insolvency Resolution Process (CIRP) before the NCLT.
The petitioner had argued that no fresh deed of…