https://www.taxtmi.com/caselaws?id=388920 The court held that the liability of a guarantor does not stand reduced or extinguished upon the approval of an Insolvency Resolution Plan for the corporate debtor under the IBC, 2016. The court emphasized that the statutory proceedings under the IBC, 2016, do not affect the independent contract of guarantee, and the guarantor's liability remains intact. Consequently, the court ruled against the petitioner, dismissing the writ petition and vacating the subsisting interim order. en-us Wed, 13 Nov 2019 00:00:00 +0530 Tue, 02 Nov 2021 17:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=388920 The court held that the liability of a guarantor does not stand reduced or extinguished upon the approval of an Insolvency Resolution Plan for the corporate debtor under the IBC, 2016. The court emphasized that the statutory proceedings under the IBC, 2016, do not affect the independent contract of guarantee, and the guarantor's liability remains intact. Consequently, the court ruled against the petitioner, dismissing the writ petition and vacating the subsisting interim order. Case-Laws Insolvency and Bankruptcy Wed, 13 Nov 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=388920