The judgment below

The part against the plaintiff is reversed, and that part of the case is remanded to the Seoul Southern District Court.

The grounds of appeal are examined.

In full view of the adopted evidence, the lower court acknowledged the following facts: (a) (i) Company C (hereinafter “Nonindicted Company”) concluded a credit guarantee agreement with the Plaintiff three times from around 2009 to around 201, and obtained loans from the Industrial Bank of Korea under a credit guarantee agreement; (ii) was divided and established on September 11, 2013; (iii) the Plaintiff paid KRW 816,11,855 to the Industrial Bank of Korea on March 27, 2015 pursuant to the respective credit guarantee agreement; (iv) was issued a decision to commence rehabilitation procedures with respect to the Nonindicted Company as Seoul Central District Court 2015,1038 on March 5, 2015; and (v) the said court decided to substitute for repayment of the debt-equity swap on August 26, 2015 the Plaintiff’s credit guarantee agreement with respect to the Nonparty Company, which was a rehabilitation claim on August 26, 2015.

Based on the above facts, the court below held that, according to the above rehabilitation plan, 50,000 won equivalent to 68% of the principal amount of the claim for indemnity against the non-party company 810,000,000 won converted into equity shall be deemed to have been repaid. Meanwhile, the defendant is jointly and severally liable with the non-party company pursuant to Article 530-9 (1) of the Commercial Act, but each of the above obligations is in a non-joint and several relationship with the non-party company, and thus, the above repayment becomes effective for all of the debtors. Thus, the court below held that the above repayment becomes effective for the defendant

However, if the rehabilitation plan is to substitute the repayment of the rehabilitation claim through debt-equity swap, not all the amount to be substituted for repayment, but the amount to be assessed by rehabilitation creditors as at the time when the issuance of new shares becomes effective and then substituted for repayment according to the rehabilitation plan.