The Economic Times

NCLAT upholds insolvency proceedings against Nyka Steel guarantor over UCO Bank dues

The NCLAT upheld an NCLT order initiating insolvency proceedings against a personal guarantor. This decision involved Asif Ahmed Siddique, a guarantor for Nyka Steel. The tribunal found the guarantor's liability extended beyond the initial capped amount. It also noted the guarantor signed the credit facility renewal in 2018.