Case of Puneet Resutra vs Jammu & Kashmir Bank Limited, NCLAT Delhi Judgement Dated 3rd July 2025.The Appellate Tribunal ruled that the liability of a corporate debtor is not discharged by releasing its guarantors, especially when the bank expressly reserves its right to proceed against the corporate debtor under the Insolvency and Bankruptcy Code (IBC). It found that the corporate debtor’s liability remained due to the lack of a waiver or ‘No Dues’ certificate and that the guarantors‘ One-Time Settlement (OTS) was a private arrangement that did not extinguish the bank’s claim against the main borrower.