https://www.taxtmi.com/caselaws?id=295489 The Tribunal dismissed the dissenting financial creditor's objection and approved the scheme under Section 230 of the Companies Act, 2013. The creditor's right to proceed against the personal guarantee was extinguished as part of the approved scheme. The Tribunal clarified that the restructuring under Section 230 is a compromise, not a discharge of the debt, and upheld the majority vote in favor of the scheme. The resolution applicant was directed to fulfill financial obligations outlined in the plan, with the liquidator's remuneration set at INR 2.5 lakhs per month until discharge. en-us Wed, 08 Jan 2020 00:00:00 +0530 Tue, 16 Nov 2021 13:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=295489 The Tribunal dismissed the dissenting financial creditor's objection and approved the scheme under Section 230 of the Companies Act, 2013. The creditor's right to proceed against the personal guarantee was extinguished as part of the approved scheme. The Tribunal clarified that the restructuring under Section 230 is a compromise, not a discharge of the debt, and upheld the majority vote in favor of the scheme. The resolution applicant was directed to fulfill financial obligations outlined in the plan, with the liquidator's remuneration set at INR 2.5 lakhs per month until discharge. Case-Laws Insolvency and Bankruptcy Wed, 08 Jan 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=295489