Month: June 2021

Sampriti & Sugi Malati Murmu Introduction and Background With the decision of Lalit Kumar Jain v. Union of India, the Supreme Court has dealt a death blow to the personal guarantor’s right of subrogation arising after the approval of the resolution plan. The bench upheld the constitutional validity of the notification dated November 15, 2019, […]

In this Article, the authors analyse the rationale and consequences of the recent judgment passed by the Supreme Court, in Lalit Kumar Jain v. Union of India, where it was held that approval of a resolution plan relating to a corporate debtor does not operate to discharge the liabilities of personal guarantors.