NCLAT sets aside NCLT order admitting Canara Bank's Section 7 insolvency application against Equinox India Developments Ltd.
Tribunal rules corporate guarantee dated 30.06.2010 did not oblige Equinox to repay principal borrower's debt, only equity infusion.
Finds application barred by Section 10A IBC as guarantee was invoked on 30.09.2020 during COVID moratorium period.
Notes adjudicating authority gave contradictory judgments on same day for same debt against different guarantors.