# In the matter of ICICI Bank Ltd. vs. Seeta Neeraj Shah & Ors.

> NCLAT judgment dated 2025-09-03. Citation: TCN-2025-NCLAT-00492. ICICI Bank filed an appeal against the order of the Adjudicating Authority, National Company…

- **Court:** NCLAT
- **Order date:** 3 Sept 2025
- **Citation:** TCN-2025-NCLAT-00492
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/icici-bank-ltd-vs-seeta-neeraj-shah-ors-71d60db6

## Summary

### Background

ICICI Bank filed an appeal against the order of the Adjudicating Authority, National Company Law Tribunal, Mumbai Bench, which capped the liability of the guarantor (Respondent No. 1) to Rs. 25 crore under a Guarantee Deed.

## Facts

ICICI Bank extended credit facility to Ushdev International Ltd. on 24.12.2014.

Ushdev Engitech Ltd. issued a Corporate Guarantee in favor of ICICI Bank for the loan facility advanced to UIL on 10.08.2016.

ICICI Bank invoked the Corporate Guarantee on 16.10.2017 due to UIL's failure to repay outstanding dues.

ICICI Bank filed an insolvency application against UEL, which was admitted on 26.04.2023.

Seeta Neeraj Shah, Ex-Director of UEL, filed a Writ Petition before the Delhi High Court to decide on the revised claim of Rs 67.98 Cr. submitted by ICICI Bank.

The Delhi High Court directed the Adjudicating Authority to decide on the issue of the claim amount, leading to IA No. 4194 filed by Respondent No.1 seeking a declaration that the liability of UEL be capped at Rs 25 Cr.

…

## Issues and analysis

### Issue 1: Whether Clause 33 of the Guarantee Agreement caps the entire liability of the guarantor, including …

**Ratio:** Clause 33 cannot be read to place an all-pervasive limit of Rs. 25 cr. to cover both the

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**Reasoning:** The tribunal reasoned that Clause 3 and Clause 33 operate in different fields. Clause 3

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**Interpretation:** The non-obstante clause in Clause 33 should not be applied mechanically without

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**Application:** The tribunal applied the principle that a non-obstante clause has over-riding

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## Parties

- **Judges:** Ashok Bh…; Barun M…
- **Appellants:** ICICI Ban…
- **Respondents:** Ushdev Engitech…; USHDEV INTERNATION…; +2 more
- **Other parties:** Seeta Neeraj Shah…
- **Advocates:** Krishnendu…; Prakshal…; +15 more

## Timeline

- **2025-04-29 — Impugned…**: Date of the Impugned Order passed by the Adjudicating Authority, National Company Law…
- **2025-09-03 — Judgement…**: Date of the Judgement by the National Company Law Appellate Tribunal, Principal Bench,…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 61 — Appeals and Appellate Authority](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-61)

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