https://www.taxtmi.com/caselaws?id=306291 A writ of prohibition is an exceptional remedy and will not issue unless there is patent lack of jurisdiction, breach of natural justice, or other rare grounds for immediate interference. The Debts Recovery Tribunal was held competent to examine whether a legally recoverable debt subsisted and whether personal guarantors remained liable after approval and implementation of a resolution plan. The Court noted that the effect of debt assignment, the guarantee contract, and the interaction between the Insolvency and Bankruptcy Code and the Indian Contract Act required adjudication on merits. It therefore declined threshold interference, rejected the writ applications, and allowed the recovery proceedings to continue before the Tribunal. 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 A writ of prohibition is an exceptional remedy and will not issue unless there is patent lack of jurisdiction, breach of natural justice, or other rare grounds for immediate interference. The Debts Recovery Tribunal was held competent to examine whether a legally recoverable debt subsisted and whether personal guarantors remained liable after approval and implementation of a resolution plan. The Court noted that the effect of debt assignment, the guarantee contract, and the interaction between the Insolvency and Bankruptcy Code and the Indian Contract Act required adjudication on merits. It therefore declined threshold interference, rejected the writ applications, and allowed the recovery proceedings to continue before the Tribunal. Case-Laws Insolvency and Bankruptcy Thu, 16 Dec 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=306291