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OTS with Guarantors Does Not Extinguish Debt of Corporate Debtor: NCLAT Delhi
Case Law Details
- Case Name
- Puneet Resutra Vs Jammu & Kashmir Bank 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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Puneet Resutra Vs Jammu & Kashmir Bank Ltd (NCLAT Delhi)
In Puneet Resutra v. Jammu & Kashmir Bank Ltd., the National Company Law Appellate Tribunal (NCLAT), Delhi, dismissed the appeal filed by a shareholder of M/s Ace Engineering (India) Pvt. Ltd., thereby upholding the initiation of Corporate Insolvency Resolution Process (CIRP) under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) against the company. The key issues before the Tribunal included the legal enforceability of financial debt post a One-Time Settlement (OTS) with guarantors, limitation of the application, ...
