https://www.taxtmi.com/caselaws?id=752416 NCLAT upheld the Adjudicating Authority's decision admitting Section 95 applications against personal guarantors despite approval of the Corporate Debtor's Resolution Plan. The Tribunal rejected the appellant's argument that debt assignment to SPV prevented invocation of personal guarantees, citing SC precedent in Lalit Kumar Jain that Resolution Plan approval does not automatically discharge personal guarantor liabilities. The Authority correctly found the guarantee was not assigned to the Successful Resolution Applicant and the application was filed within limitation period. Appeal dismissed. en-us Wed, 08 May 2024 00:00:00 +0530 Fri, 10 May 2024 08:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=752416 NCLAT upheld the Adjudicating Authority's decision admitting Section 95 applications against personal guarantors despite approval of the Corporate Debtor's Resolution Plan. The Tribunal rejected the appellant's argument that debt assignment to SPV prevented invocation of personal guarantees, citing SC precedent in Lalit Kumar Jain that Resolution Plan approval does not automatically discharge personal guarantor liabilities. The Authority correctly found the guarantee was not assigned to the Successful Resolution Applicant and the application was filed within limitation period. Appeal dismissed. Case-Laws Insolvency and Bankruptcy Wed, 08 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=752416