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        Case ID :
        Insolvency and Bankruptcy

        Statutory framework under Insolvency and Bankruptcy Code (IBC)...

        Creditors Reject Settlement Offer Seeking Release of Personal Guarantees in Insolvency Case.

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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.
                                Statutory framework under Insolvency and Bankruptcy Code (IBC) examined. Settlement proposal by appellant rejected by Committee of Creditors (CoC) u/s 12A, as it sought release of personal guarantees, contrary to approved resolution plan retaining guarantees. CoC's decision well-considered, not arbitrary, taken with 100% voting share. Supreme Court precedent distinguishes Section 12A withdrawal from approved resolution plan u/s 31 or scheme under Companies Act. Adjudicating Authority rightly rejected appellant's application challenging CoC decision. Appeal dismissed as devoid of merit by Appellate Tribunal.
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