Resolution Plan Does Not Extinguish Third-Party Rights Unless Debt Paid

UV Asset Reconstruction Company Limited Vs Electrosteel Castings Limited (Supreme Court of India)

Deed of Undertaking Is Not a Guarantee: Resolution Plan Does Not Extinguish Rights Against Third-Party Security Providers Unless Debt Is Fully Satisfied

The Supreme Court held that Clause 2.2 of the Deed of Undertaking executed by Electrosteel Castings Limited (ECL) did not constitute a “contract of guarantee�

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