Saraf & Partners Successfully Represented L and T Finance Limited as the Supreme Court Allows Appeal and Issues Notice to T. Venkatram Reddy, Director and Personal Guarantor of Deccan Chronicle Holdings Ltd.

Saraf & Partners represented L&T Finance Ltd. in a significant proceeding wherein the Supreme Court has issued notice in a challenge to a recent ruling of the National Company Law Appellate Tribunal (NCLAT) concerning the scope of limitation in personal guarantor insolvency proceedings under the IBC. The order was passed by a bench comprising Justice Manoj Mishra and Justice Manmohan.

The Appeal, preferred under Section 62 of the Insolvency and Bankruptcy Code, 2016, assailed the Judgement dated April 2, 2026 of the NCLAT, Chennai Bench, which had allowed an appeal filed by T. Venkatram Reddy overturning the NCLT’s order initiating personal insolvency proceedings arising out of loans advanced by L&T Finance Ltd. to Deccan Chronicle Holdings Limited. It was argued that the NCLAT’s judgment fails to take note of the position of law on continuing guarantees as settled by the Supreme Court. 

Taking note of the issues raised, the Supreme Court was pleased to issue notice and list the matter for consideration after 6 weeks. A copy of the order is awaited.

The Saraf & Partners team representing L&T Finance Ltd. comprising Mr. Gauhar Mirza (Partner), Kaveesh Nair (Senior Associate) and Karshana Agarwal (Associate) was led by Mr. Rajiv Shakdher, Senior Advocate.