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The Supreme Court of India, in the case of Lalita Kumari Jain v Union of India, upheld the validity of a notification dated 15.11.2019 issued by the Central Government bringing into force Section 2(e), Section 78 (except with regard to fresh start process), Sections 79, 94-187 (both inclusive); Section 239(2)(g), (h) & (i); Section 239(2)(m) to (zc); Section 239 (2)(zn) to (zs) and Section 249bof the IBC.
The Supreme Court also held that approval of a resolution plan does not ipso facto discharge a personal guarantor (of a corporate debtor) of her or his liabilities under the contract of guarantee.
Copy of the judgment
