NCLAT upholds NCLT order dismissing appeals by three personal guarantors of Archon Engicon Ltd seeking limited liability under guarantee deed.
Tribunal rules guarantors' liability is not restricted to mortgaged property value but extends to full Rs 427 crore debt plus interest.
Repayment plans totaling Rs 3.20 crore were rejected by CoC with only 21.35% voting in favor against required 66%.
DRT's August 2021 order crystallizing joint liability for Rs 149.26 crore had attained finality as not challenged by guarantors.