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The NCLAT held: 1) The guarantees executed by the guarantor were irrevocable, unconditional, and continuous, rendering the unilateral revocation invalid. 2) The liability of the surety is co-extensive with the principal debtor, unless contracted otherwise. 3) The CIRP proceedings against the guarantor were maintainable and filed within the limitation period. 4) The adverse observations against the Resolution Professional's conduct violated principles of natural justice as clarification was not sought, despite the disclaimer provided.
The NCLAT held: 1) The guarantees executed by the guarantor were irrevocable, unconditional, and continuous, rendering the unilateral revocation invalid. 2) The liability of the surety is co-extensive with the principal debtor, unless contracted otherwise. 3) The CIRP proceedings against the guarantor were maintainable and filed within the limitation period. 4) The adverse observations against the Resolution Professional's conduct violated principles of natural justice as clarification was not sought, despite the disclaimer provided.
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TaxTMI 
TaxTMI 
