The National Company Law Appellate Tribunal (NCLAT) New Delhi bench of Justice Ashok Bhushan (Judicial Member) and Mr. Barun Mitra (Technical Member) has held that approval of a resolution plan containing a clause that creditors can take appropriate actions in relation to corporate/personal guarantee cannot be interfered with.
Brief Facts:
State Bank of India filed an insolvency application under section 7 of the Insolvency and Bankruptcy Code, 2016 (Code) seeking initiation of Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor which was admitted on 03.10.2020.
In the CIRP process, Resolution Plans came to be considered by the Committee of Creditors (CoC) in the 35th meeting of the CoC dated …
