NCLAT dismissed Nakul Gupta's appeal against NCLT order initiating personal insolvency proceedings for Technofab Engineering's default.
The tribunal ruled Gupta's resignation as director did not discharge his continuing personal guarantee for ₹117 crore SBI facilities.
NCLAT found no novation of contract despite credit limit enhancement from ₹907 to ₹1075 crore by consortium banks.
The judgment upheld that Gupta remained liable under original guarantee terms despite subsequent renewals and variations.