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Insolvency and BankruptcyMarch 19, 2024Case LawsAT
Initiation of CIRP - Guarantor - Extinguishment of debt - The NCLAT upheld the NCLT's decision, finding that ECL did not act as a guarantor for ESL's debts based on the contractual documents and the parties' actions. It also clarified that the approval of a resolution plan for a corporate debtor does not automatically discharge the liabilities of third parties or guarantors. However, the tribunal's analysis indicated that the extinguishment of debt post-resolution plan approval pertains only to the corporate debtor, not extending automatically to third parties or guarantors unless explicitly stated in the resolution plan.
Initiation of CIRP - Guarantor - Extinguishment of debt - The NCLAT upheld the NCLT's decision, finding that ECL did not act as a guarantor for ESL's debts based on the contractual documents and the parties' actions. It also clarified that the approval of a resolution plan for a corporate debtor does not automatically discharge the liabilities of third parties or guarantors. However, the tribunal's analysis indicated that the extinguishment of debt post-resolution plan approval pertains only to the corporate debtor, not extending automatically to third parties or guarantors unless explicitly stated in the resolution plan.
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