Indian Bank Vs Njanee Kumar Lakhotia (NCLAT Delhi)
NCLAT Delhi held that by approval of resolution plan, the personal guarantee is not ipso facto discharged. Thus, the Indian Bank which is dissenting Financial Creditor cannot proceed to file an application under Section 95 against the respondent.
Facts- This appeal has been filed by the Indian Bank challenging the order dated 24.01.2025 passed by the Adjudicating Authority (National Company Law Tribunal), New Delhi Bench, Court-III by which an application under Section 95(1) filed by the Indian Bank has been rejected by the Adjudicating Authority under Section 100 of the I&B Code.
Conclusion- The present is a case where Resolution Plan has been submitted by the Personal Guarantor himself and we have noted certain features of the Resolution Plan and the fact that Resolution Applicant has been asked to submit a fresh personal guarantee which personal guarantee has again been executed by the Personal Guarantor. The Appellant being a dissenting Financial Creditor, who has opposed the Resolution Plan, is entitled for liquidation value as payment in the Resolution Plan to which proposition learned counsel for the Appellant has no objection. We have already noticed the submission of the parties and come to the conclusion that application under Section 95 filed by the Applicant has rightly been rejected by the Adjudicating Authority.
