Decided on 18 January 2022| Supreme Court of India

Decided on 13 September 2021 | Supreme Court of India

The division bench of the Hon’ble Supreme Court (“SC“) comprising of Justice D.Y. Chandrachud and Justice M.R. Shah in and Ors. 2021 SCC Online SC 707 has settled the issue with respect to seeking modification and withdrawal of the Resolution Plan (“Plan“) submitted to the Hon’ble National Company Law Tribunal (“NCLT”) after approval by the Committee of Creditors (“CoC“) in a Corporate Insolvency Resolution Process (“CIRP“).

The Ministry of Corporate Affairs ("MCA") issued a notification dated 15 November 2019 ("Notification") that give effect to provisions for conducting the insolvency resolution process against personal guarantors under the Insolvency and Bankruptcy Code, 2016 ("IBCode") w.e.f.