https://www.taxtmi.com/caselaws?id=105679 Section 22 of the Sick Industrial Companies (Special Provisions) Act, 1985 was treated as extending to enforcement of a guarantee for a sick company's loan, so proceedings against guarantors were not excluded absent Board consent. Where the guarantee deed made the sureties jointly and severally liable and authorised the creditor to treat them as principal debtors, permission to continue recovery proceedings against the company was held sufficient to proceed against the guarantors as well. The resulting position was that the recovery action against the guarantors remained maintainable and the order permitting the suit to proceed was upheld. en-us Fri, 08 Sep 2000 00:00:00 +0530 Wed, 07 Mar 2012 11:03:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=105679 Section 22 of the Sick Industrial Companies (Special Provisions) Act, 1985 was treated as extending to enforcement of a guarantee for a sick company's loan, so proceedings against guarantors were not excluded absent Board consent. Where the guarantee deed made the sureties jointly and severally liable and authorised the creditor to treat them as principal debtors, permission to continue recovery proceedings against the company was held sufficient to proceed against the guarantors as well. The resulting position was that the recovery action against the guarantors remained maintainable and the order permitting the suit to proceed was upheld. Case-Laws Companies Law Fri, 08 Sep 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=105679