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.

Summarised by Agaah from ET Industry. Agaah aggregates 36 sources and removes duplicate coverage — all news, one place.