The National Company Law Tribunal (NCLT) noted that the guarantee agreement executed by Vishwajeet Jhawar was “unconditional, irrevocable and continuing”, meaning the guarantor remained liable until the entire debt was repaid.
The Mumbai bench of the National Company Law Tribunal (NCLT) has admitted insolvency proceedings against Vishwajeet Jhawar, a Pune-based businessman who stood as a personal guarantor for real estate firm Marveledge Realtors Pvt. Ltd., over an alleged default of Rs. 226.89 crore.
The order was passed by the bench comprising Prabhat Kumar (Technical Member) and Sushil Mahadeorao Kochey (Judicial Member) while hearing a petition filed by financial creditor APRN Enterprises Pvt. Ltd., formerly known…