The National Company Law Appellate Tribunal (NCLAT) New Delhi bench of Justice Ashok Bhushan (Judicial Member) and Mr. Arun Baroka (Technical Member) has held that a change in the quantum of debt to be paid by the personal guarantor, following the approval of the resolution plan in the Corporate Insolvency Resolution Process (CIRP) of the corporate debtor, does not negate the right of the creditors to proceed against the personal guarantor under Section 95 of the Insolvency and Bankruptcy Code, 2016 (Code).
Brief Facts:
These appeals have been filed by the personal guarantors of the corporate debtor, challenging the order dated 07.10.2024 passed by National Company Law Tribunal (NCLT), Principal Bench, New Delhi. The…
