https://www.taxtmi.com/caselaws?id=756773 Assignment of a corporate debtor's admitted debt under an approved resolution plan did not extinguish the financial creditor's right to proceed against a personal guarantor where the plan expressly excluded personal and corporate guarantees from the assignment. Wilful defaulter proceedings under the RBI Master Circular were treated as operating in rem because the declaration affects credit availability across the banking system. Post-NPA defaults could still support a wilful defaulter case, as the Circular contains no bar on later defaulting conduct. Clause 2.6 applied prospectively only to guarantees executed on or after 9 September 2014, so it did not cover a guarantee executed earlier; the wilful defaulter declaration against the personal guarantor was therefore set aside. 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 Assignment of a corporate debtor's admitted debt under an approved resolution plan did not extinguish the financial creditor's right to proceed against a personal guarantor where the plan expressly excluded personal and corporate guarantees from the assignment. Wilful defaulter proceedings under the RBI Master Circular were treated as operating in rem because the declaration affects credit availability across the banking system. Post-NPA defaults could still support a wilful defaulter case, as the Circular contains no bar on later defaulting conduct. Clause 2.6 applied prospectively only to guarantees executed on or after 9 September 2014, so it did not cover a guarantee executed earlier; the wilful defaulter declaration against the personal guarantor was therefore set aside. Case-Laws Insolvency and Bankruptcy Mon, 05 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=756773