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        Case ID :
        Insolvency and Bankruptcy

        Corporate guarantee not discharged by approval of resolution...

        Corporate guarantee survives IBC resolution plan for principal borrower. SC affirms guarantor's liability. NCLAT upholds admission against guarantor.

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                          Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                            Provisions expressly mentioned in the judgment/order text.
                                Corporate guarantee not discharged by approval of resolution plan for principal borrower under IBC. Supreme Court judgments in Lalit Kumar Jain, Maitreya Doshi, and Ajay Goenka affirm guarantor's liability survives resolution plan approval. NCLAT upholds admission of section 7 application against corporate guarantor despite resolution plan for principal borrower, finding no infirmity. Appeal against admission dismissed as guarantor's submission of guarantee termination rejected given substantial unpaid debt and inadequate upfront cash payment under resolution plan.
                                Note: It is a system-generated summary and is for quick reference only.
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