NCLAT hears appeal by suspended IPCL director challenging corporate guarantee validity for Meenakshi Energy loans.
IPCL claims guarantee void under Contract Act as West Bengal Electricity Regulatory Commission denied permission thrice.
Tribunal questions whether IBC can override Electricity Act provisions and WBERC decisions regarding distribution licensee indebtedness.
Matter adjourned to September 21 and 23, 2026 for continuation of arguments from both appellants.