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Insolvency and BankruptcyFebruary 29, 2024Case LawsAT
Initiation of CIRP - liability of Guarantor of loan - acknowledgment of debt by the Principal Borrower shall be binding on the Guarantor or not - The Tribunal found no merit in the argument that the petition was barred by limitation, given the continuous acknowledgment of the debt by the Principal Borrower and the Corporate Guarantor. - The Tribunal concluded that the liability of the Guarantor is co-extensive with that of the Principal Borrower, and acknowledgments of debt by the Principal Borrower extended the limitation period for actions against the Corporate Guarantor as well.
Initiation of CIRP - liability of Guarantor of loan - acknowledgment of debt by the Principal Borrower shall be binding on the Guarantor or not - The Tribunal found no merit in the argument that the petition was barred by limitation, given the continuous acknowledgment of the debt by the Principal Borrower and the Corporate Guarantor. - The Tribunal concluded that the liability of the Guarantor is co-extensive with that of the Principal Borrower, and acknowledgments of debt by the Principal Borrower extended the limitation period for actions against the Corporate Guarantor as well.
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