NCLT admits insolvency plea against Manohar Lal Gupta, personal guarantor of PDIL, over ₹317.83 crore default | Representational Image
Mumbai: The National Company Law Tribunal (NCLT), on June 10, admitted an insolvency resolution application against Manohar Lal Gupta, the personal guarantor of Parenteral Drugs (India) Limited (PDIL), for a default of Rs 317.83 crore. The application was filed by National Asset Reconstruction Company Limited (NARCL) under Section 95 of the Insolvency and Bankruptcy Code (IBC), 2016.
As per the case details, the matter pertains to guarantees extended by M. L. Gupta for loans taken by PDIL from State Bank of India (SBI) and Punjab National Bank…
