Authority: National Company Law Appellate Tribunal, Principal Bench, New Delhi

Order Date: 14 August 2026

Case Overview

The appeal was filed by Pramod Kumar Goel against an order of the Adjudicating Authority that initiated insolvency proceedings against him in his capacity as a corporate guarantor for Surya Foundry Pvt. Ltd. The appellant contends that the corporate guarantee, which forms the basis of the Section 7 application under the Insolvency and Bankruptcy Code, was fraudulently executed. Specifically, the appellant claims that the original guarantee deed from 2016 was signed by someone impersonating "Nitin Gupta," and the subsequent extension of the guarantee was signed by "Rakesh Kumar Gupta" without any board resolution authorization from the corporate guarantor. The appellant has filed an FIR regarding this alleged fraud, which is currently under investigation.

The respondent, State Bank of India (Respondent No. 1), countered these allegations by stating that information about the charge created by the corporate guarantee was conspicuously available on the Ministry of Corporate Affairs website. The bank argued that the appellant's claim of lacking knowledge about the guarantee is false and appears to be a fabricated defense raised only after the bank invoked the guarantee.

The tribunal heard arguments from both parties, with the appellant seeking a stay on the insolvency process and the respondent opposing any interim relief.

Final Outcome

The NCLAT bench, comprising Justice Mohammad Faiz Alam Khan (Member-Judicial) and Mr. Naresh Salecha (Member-Technical), declined to grant any interim directions at this stage. The tribunal issued formal notice to all respondents and granted Respondent No. 1 (SBI) two weeks to file their reply, with an advance copy to the appellant. The appellant was granted one week thereafter to file a rejoinder. Notice was also issued to the remaining respondents, with directions to complete necessary steps within four days. The appeals (Comp. App. (AT) (Ins) No. 1428 of 2026 and Comp. App. (AT) (Ins) No. 1429 of 2026) were listed for further hearing on 8 September 2026 under the heading 'For Admission (After Notice)'.

Topics: Corporate Guarantee Dispute, Insolvency Appeal, Alleged Document Fraud