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Should Section 10A of IBC be applicable to Personal Guarantor?
Case Law Details
- Case Name
- Amit Jain v. Siemens Financial Services Pvt. Ltd. (NCLAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- NCLAT
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Amit Jain v. Siemens Financial Services Pvt. Ltd. (NCLAT Delhi)
Recently, the NCLAT Delhi, in a recent judgment of Amit Jain v. Siemens Financial Services Pvt. Ltd, has held that the Section 10A of the Insolvency and Bankruptcy Code, 2016 is applicable only to the corporate debtor, but not to the personal guarantor of the corporate debtor.
Legislative Background of Section 10A of IBC
The Insolvency and Bankruptcy Code was introduced with the aim to maximize the asset value of the Corporate Debtor and the Supreme Court in the case of Swiss Ribbon Pvt Ltd v. UOI has held that t...
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