https://www.taxtmi.com/caselaws?id=766202 NCLAT Principal Bench upheld the approval of a resolution plan under Section 30(2) of IBC. The appellant challenged the plan arguing they were not invited to participate in Committee of Creditors meetings after personal insolvency proceedings commenced. The tribunal held that financial creditors retain rights to proceed against personal guarantors for balance liability as per the approved resolution plan. The appellant failed to establish that suspended management was not invited to participate in CoC meetings or that the resolution plan was non-compliant with Section 30(2). The tribunal emphasized limited jurisdiction to interfere with CoC's commercial wisdom and dismissed the appeal, confirming that resolution plan approval does not discharge personal guarantor liabilities. en-us Tue, 18 Feb 2025 00:00:00 +0530 Thu, 20 Feb 2025 08:02:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=766202 NCLAT Principal Bench upheld the approval of a resolution plan under Section 30(2) of IBC. The appellant challenged the plan arguing they were not invited to participate in Committee of Creditors meetings after personal insolvency proceedings commenced. The tribunal held that financial creditors retain rights to proceed against personal guarantors for balance liability as per the approved resolution plan. The appellant failed to establish that suspended management was not invited to participate in CoC meetings or that the resolution plan was non-compliant with Section 30(2). The tribunal emphasized limited jurisdiction to interfere with CoC's commercial wisdom and dismissed the appeal, confirming that resolution plan approval does not discharge personal guarantor liabilities. Case-Laws IBC Tue, 18 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=766202