Whether subrogation right claimed by personal guarantor is valid under IBC 2016


Last updated: 22 September 2022

Court :
NCLAT

Brief :
It well-settled practice in case of CIRP, the management of Corporate Debtor has been transferred from Promoters and Shareholders to Committee of Creditors and the IP. Promoters being related party to the Corporate Debtor have no right of representation, participation or voting in a meeting of COC. The promoters are also not eligible to participate in the Resolution Plan to again gain control of the Corporate Debtor.

Citation :
NCLAT Company Appeal (AT) (Insolvency) No. 164 of 2018

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