Continuing Personal Guarantee Not Revoked by Resignation or Loan Renewal: NCLAT Delhi

Nakul Gupta Vs State Bank of India (NCLAT Delhi) “Whether resignation of a director revokes his personal guarantee or renewal of working capital facilities amounts to novation or variance under Sections 62, 129, 130 and 133 of the Contract Act in proceedings under Section 95 of the IBC? – Nakul Gupta Vs. State Bank of India and Anr. – NCLAT New Delhi” Insolvency and Bankruptcy Code, 2016, Sections 95, 99; Indian Contract Act, 1872, Sections 62, 129, 130, 133 – challenge to admission of personal insolvency proceedings against personal guarantor on the grounds of resignation from direc...