Resignation from directorship of Corporate Debtor doesn’t lead to revocation of personal guarantee

Subhash Aggarwal Vs State Bank of India (NCLAT Delhi) NCLAT Delhi held that resignation from directorship of Corporate Debtor not a sufficient ground leading to revocation of his personal guarantee. Accordingly, application u/s. 95 of the Insolvency and Bankruptcy Code rightly admitted for failure of repayment in respect of their guarantee obligation. Facts- The present appeal filed under Section 61 of Insolvency and Bankruptcy Code 2016 by the Appellant arises out of the Order dated 01.02.2024 passed by the Adjudicating Authority (National Company Law Tribunal, New Delhi, Bench-II) in I.A. N...