2024 (8) TMI 326 - SCH - Insolvency and Bankruptcy

Maintainability of section 7 application - effect of approval of Resolution Plan in the CIRP of the Principal Borrower on the guarantee which was given by the Corporate Debtor to ICICI Bank - it was held by NCLAT that The Adjudicating Authority after considering all relevant aspects of the matter has admitted the Section 7 application against the Corporate Guarantor in which there are no infirmity - HELD THAT - There are no good ground and reason to interfere with the impugned judgment and hence the appeal is dismissed.

Summary

The Supreme Court dismissed the appeal, stating no good ground to interfere with the impugned judgment. The appellant's issues against the Corporate Insolvency Resolution Process will be examined independently. Pending applications will be disposed of.