The Hindu ·
Nyka Steel: NCLAT upholds order
NCLAT upheld an NCLT order directing insolvency proceedings against Nyka Steel’s personal guarantor, based on a plea by UCO Bank.
GS3GS2The HinduGS3Insolvency and Bankruptcy Code (IBC)NCLT/NCLATPersonal guarantor insolvency
What happened: NCLAT upheld insolvency initiation against Nyka Steel’s personal guarantor
The National Company Law Appellate Tribunal (NCLAT) upheld an order passed by the National Company Law Tribunal (NCLT).
The upheld NCLT order directs the initiation of insolvency proceedings against the personal guarantor connected with Nyka Steel.
The personal guarantor identified is Asif Ahmed Siddique.
UCO Bank is identified as the creditor whose plea triggered the insolvency initiation under the Insolvency and Bankruptcy framework.
NCLAT’s action is presented as appellate confirmation of the NCLT’s insolvency initiation direction.
