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ARTICLE · 27 FEBRUARY 2023

Between The Lines... February 2023

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The High Court of Allahabad ("High Court") by order dated January 12, 2023, in the matter of Narendra Singh Panwar v. Pashchimanchal Vidyut Vitran Nigam Limited and Others...

IndiaInsolvency/Bankruptcy/Re-Structuring
Aayush Jain
Aayush Jain
Mahir Shaparia
Mahir Shaparia
Navya Shukla
Navya Shukla
Rishabh Chandra
Rishabh Chandra
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KEY HIGHLIGHTS

  • Allahabad High Court: No ipso facto absolvement of guarantor's liability upon approval of resolution plan.
  • NCLAT: The obligation of the adjudicating authority to direct for liquidation shall rise only when decision of the Committee of Creditors is in accordance with the Insolvency and Bankruptcy Code, 2016.
  • The Rise of ESG Investing in India: What it Means for Corporations.

I. Allahabad High Court: No ipso facto absolvement of guarantor's liability upon approval of resolution plan.

The High Court of Allahabad ("High Court") by order dated January 12, 2023, in the matter of Narendra Singh Panwar v. Pashchimanchal Vidyut Vitran Nigam Limited and Others [Writ – C No. 26355 of 2022], held that approval of a resolution plan does not ipso facto discharge a personal guarantor of a corporate debtor of his liabilities under contract of guarantee.

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