https://www.taxtmi.com/caselaws?id=423877 The Tribunal admitted the application under Section 100 of the Insolvency and Bankruptcy Code, initiating the Insolvency Resolution Process against the Personal Guarantor. A moratorium was declared, staying legal actions and proceedings. The Resolution Professional was tasked with creditor notification, listing, and repayment plan preparation. The Tribunal affirmed the continued liability of the Guarantor post-Resolution Plan approval, aligning with co-extensive liability principles. The Guarantor's subrogation rights were dismissed, emphasizing the Guarantor's ongoing liability akin to the principal borrower. Recovery proceedings at the Debt Recovery Tribunal were deemed unaffected by the Insolvency Resolution Process. en-us Tue, 07 Jun 2022 00:00:00 +0530 Fri, 17 Jun 2022 09:35:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=423877 The Tribunal admitted the application under Section 100 of the Insolvency and Bankruptcy Code, initiating the Insolvency Resolution Process against the Personal Guarantor. A moratorium was declared, staying legal actions and proceedings. The Resolution Professional was tasked with creditor notification, listing, and repayment plan preparation. The Tribunal affirmed the continued liability of the Guarantor post-Resolution Plan approval, aligning with co-extensive liability principles. The Guarantor's subrogation rights were dismissed, emphasizing the Guarantor's ongoing liability akin to the principal borrower. Recovery proceedings at the Debt Recovery Tribunal were deemed unaffected by the Insolvency Resolution Process. Case-Laws Insolvency and Bankruptcy Tue, 07 Jun 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=423877