Supreme Court of India · 2022-09-06
K. PARAMASIVAM vs THE KARUR VYSYA BANK LTD.
- Citation / case number
- SC 2019/43255
- Court
- Supreme Court of India
- Petitioner
- K. PARAMASIVAM
- Respondent
- THE KARUR VYSYA BANK LTD.
- Author
- HON'BLE MS. JUSTICE INDIRA BANERJEE
- Bench
- HON'BLE MS. JUSTICE INDIRA BANERJEE, HON'BLE MR. JUSTICE HEMANT GUPTA, HON'BLE MR. JUSTICE SURYA KANT, HON'BLE MR. JUSTICE M.M. SUNDRESH, HON'BLE MR. JUSTICE SUDHANSHU DHULIA
Judgment text excerpt
The Supreme Court dismissed the appeal challenging the NCLAT's order that admitted an application for Corporate Insolvency Resolution Process (CIRP) against Maharaja Theme Parks and Resorts. The court found that the appellant, as a guarantor, was liable for the debts of the borrowers who failed to repay their loans. The judgment reinforced the application of the Insolvency and Bankruptcy Code, 2016 in corporate insolvency matters.