NCLT says Security Trustee Structure Does Not Bar Section 7 Against Guarantor

SBI invoked a corporate guarantee given by Pangea Fabrics for the borrowings of Suryajyoti Spinning Mills, which had gone into liquidation. Pangea argued that only the Security Trustee could enforce the guarantee and that the Section 7 petition was time-barred; NCLT rejected both objections and admitted the CIRP.