https://www.taxtmi.com/caselaws?id=306291 The court held that the Debts Recovery Tribunal (DRT) has jurisdiction to adjudicate the original applications filed by banks against guarantors under the Recovery of Debts Due to Banks and Financial Institutions Act. The court emphasized the need for the DRT to examine the assignment of debt and its impact on the guarantors' liabilities. It was determined that the approval of a resolution plan does not automatically discharge the guarantors' liabilities. The court refused to issue a writ of prohibition, allowing the DRT to proceed with the adjudication and urged expeditious resolution of the issues raised. en-us Thu, 16 Dec 2021 00:00:00 +0530 Fri, 20 Jan 2023 07:16:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=306291 The court held that the Debts Recovery Tribunal (DRT) has jurisdiction to adjudicate the original applications filed by banks against guarantors under the Recovery of Debts Due to Banks and Financial Institutions Act. The court emphasized the need for the DRT to examine the assignment of debt and its impact on the guarantors' liabilities. It was determined that the approval of a resolution plan does not automatically discharge the guarantors' liabilities. The court refused to issue a writ of prohibition, allowing the DRT to proceed with the adjudication and urged expeditious resolution of the issues raised. Case-Laws Insolvency and Bankruptcy Thu, 16 Dec 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=306291