https://www.taxtmi.com/caselaws?id=756773 The Calcutta HC held that an NBFC cannot recover debt from personal guarantors following assignment under a Resolution Plan, as guarantors are specifically excluded from such assignments. The court ruled that liability for guaranteed debt remains with the original financial creditor/bank, while the corporate debtor is absolved under the Resolution Plan. The HC allowed the petition, setting aside the Review Committee's December 30, 2022 decision confirming the petitioner's classification as a Wilful Defaulter under RBI Master Circular dated July 1, 2015. en-us Mon, 05 Aug 2024 00:00:00 +0530 Fri, 09 Aug 2024 08:55:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=756773 The Calcutta HC held that an NBFC cannot recover debt from personal guarantors following assignment under a Resolution Plan, as guarantors are specifically excluded from such assignments. The court ruled that liability for guaranteed debt remains with the original financial creditor/bank, while the corporate debtor is absolved under the Resolution Plan. The HC allowed the petition, setting aside the Review Committee's December 30, 2022 decision confirming the petitioner's classification as a Wilful Defaulter under RBI Master Circular dated July 1, 2015. Case-Laws Insolvency and Bankruptcy Mon, 05 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=756773