https://www.taxtmi.com/caselaws?id=313912 In a corporate insolvency resolution plan, rights expressly carved out and retained by financial creditors, including recourse against personal guarantors, were held valid where only the remaining debt was assigned to the purchaser SPV and the plan preserved excluded rights; the challenge that this amounted to an impermissible transfer of a mere right to sue failed. The tribunal also held that guarantors' subrogation rights did not survive against the corporate debtor after plan approval, because the Insolvency and Bankruptcy Code prevails over general suretyship principles and requires resolution on a clean slate. en-us Fri, 01 Mar 2024 00:00:00 +0530 Tue, 07 May 2024 23:06:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=313912 In a corporate insolvency resolution plan, rights expressly carved out and retained by financial creditors, including recourse against personal guarantors, were held valid where only the remaining debt was assigned to the purchaser SPV and the plan preserved excluded rights; the challenge that this amounted to an impermissible transfer of a mere right to sue failed. The tribunal also held that guarantors' subrogation rights did not survive against the corporate debtor after plan approval, because the Insolvency and Bankruptcy Code prevails over general suretyship principles and requires resolution on a clean slate. Case-Laws Insolvency and Bankruptcy Fri, 01 Mar 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=313912