December 24 2018
The NCLAT has passed a judgment ruling that a personal guarantors right to subrogation against a corporate debtor can be taken away in a resolution plan.The Bench comprising JusticesMukhopadhaya and Bansi Lal Bhat was hearing an appeal filed by the promoters of Sharon Bio Medicine.
The question of liability of a personal guarantor in case of companies going under insolvency was discussed in length by the Supreme Court in the case of B.K. Educational Services. The Supreme Court verdict read along with theIBC Ordinance 2018 clarifi…
Read the full article at: https://barandbench.com/personal-guarantor-has-no-right-against-corporate-debtor-nclat/