Message: Return type of CI_Session_files_driver::open($save_path, $name) should either be compatible with SessionHandlerInterface::open(string $path, string $name): bool, or the #[\ReturnTypeWillChange] attribute should be used to temporarily suppress the notice
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Approval of a resolution plan does not ipso facto discharge the corporate liabilities under the contract of guarantee.
05 Jun 2021 05:11 pm
21st May 2021 Supreme Court
Insolvency and Bankruptcy Code, 2016
Justices: L. Nageswara Rao and S. Ravindra Bhat
It is held that approval of a resolution plan does not ipso fact discharge a personal guarantor (of a corporate debtor) of her or his liabilities under the contract of guarantee. As held by this Court, the release or discharge of a principal borrower from the debt owed by it to its creditor, by an involuntary process, i.e. by operation of law, or due to liquidation or insolvency proceeding, does not absolve the surety/guarantor of his or her liability, which arises out of an independent contract.
It was further held that the impugned notification is legal and valid. It is also held that approval of a resolution plan relating to a corporate debtor does not operate so as to discharge the liabilities of personal guarantors (to corporate debtors).
Lalit Kumar Jain vs. Insolvency and Bankruptcy Board of India
