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The enforceability of a corporate continuing guarantee was...
Corporate guarantee invocation in insolvency petition: enforceability upheld, conditional sanction letter not a novation, limitation not barred after acknowledgment
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The enforceability of a corporate continuing guarantee was upheld: recitals in a subsequent guarantee are non operative and cannot discharge prior obligations, so a recital of discharge fails if the instrument itself is void. Blank spaces confined to recitals and non material terms do not void the guarantee and do not raise a prima facie construction issue. A sanction/review letter proposing to relieve a guarantor is a proposal, not a novation, and conditional relief does not discharge the guarantee absent fulfillment of conditions. Pendency of a civil suit alone does not defeat an insolvency petition; acknowledgment of liability in time prevents the claim from being time barred. The appeal was dismissed.
The enforceability of a corporate continuing guarantee was upheld: recitals in a subsequent guarantee are non operative and cannot discharge prior obligations, so a recital of discharge fails if the instrument itself is void. Blank spaces confined to recitals and non material terms do not void the guarantee and do not raise a prima facie construction issue. A sanction/review letter proposing to relieve a guarantor is a proposal, not a novation, and conditional relief does not discharge the guarantee absent fulfillment of conditions. Pendency of a civil suit alone does not defeat an insolvency petition; acknowledgment of liability in time prevents the claim from being time barred. The appeal was dismissed.
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