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TMI Blog2023 (12) TMI 1218X X X X Extracts X X X X X X X X Extracts X X X X ..... by approval of resolution plan the guarantees are not ipso facto discharged. The resolution applicant has taken liability of only one crore, the other liabilities of the personal guarantors are not discharged. There are no ground to interfere with the approval resolution plan within meaning of Section 61 - the order of the Adjudicating Authority approving the Resolution Plan need not be interfered - there is no merit in the Appeal - appeal dismissed. - [Justice Ashok Bhushan] Chairperson , [Mr. Barun Mitra] Member (Technical) And [Mr. Arun Baroka] Member (Technical) For the Appellant : Mr. Saurabh Kalia, Mr. Karan Kaushal and Mr. Kartik Kaushal, Advocates For the Respondent : Mr. Abhishek Anand, Mr. Karan Kohli and Ms. J ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pport of Resolution Professional. Pursuant to due diligence done by RA and the assessment of RP her team, risk of BG invocation is minimal still, RA shall undertake to take the liability of uncrystallised BG s up to an amount of 1 crore only the proposed resolution plan. The RA shall acquire all the assets of the corporate debtor. Major assets that shall be acquired is detailed as below: GST INPUT/CASH LEDGER BALANCE AND INCOME TAX REFUND Pursuant to the information provided by the Resolution Professional, income tax refund as on CIRP date has been received by RP and utilized during CIRP. Similarly, GST input balance is being utilized during CRIP also. We understand that the corporate debtor is a going concern and ther ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 7,46,65,007 9,15,34,742 Temporary structure Total 12,75,49,431 66,09,931 Learned Counsel for the Appellants submit that SRA has taken liability of Rs.1 crore only of uncrystallised claim. It is submitted that on the effective date, there should be crystallised amount and no liability can be fastened on the Appellant and the SRA could not have only taken liability of only 1 crore. We have considered the submissions of Learned Counsel for the Appellant and perused the record. The Resolution Plan does not absolve the personal guarantors from their guarantee. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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