Creditors Reject Settlement Offer Seeking Release of Personal Guarantees in Insolvency Case.

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....Statutory framework under Insolvency and Bankruptcy Code (IBC) examined. Settlement proposal by appellant rejected by Committee of Creditors (CoC) u/s 12A, as it sought release of personal guarantees, contrary to approved resolution plan retaining guarantees. CoC's decision well-considered, not arbitrary, taken with 100% voting share. Supreme Court precedent distinguishes Section 12A withdrawal from approved resolution plan u/s 31 or scheme under Companies Act. Adjudicating Authority rightly rejected appellant's application challenging CoC decision. Appeal dismissed as devoid of merit by Appellate Tribunal.....