https://www.taxtmi.com/caselaws?id=105704 Section 22 of the Sick Industrial Companies Act bars suits for enforcement of guarantees relating to loans advanced to a sick industrial company, but it does not extend to an insolvency notice or insolvency proceedings against the guarantor because such proceedings are independent and not a suit. The Bombay High Court also treated a recovery certificate under section 101 of the Maharashtra Co-operative Societies Act as enforceable against the guarantor, as the certificate imposed joint and several liability and the preference to first recover from the borrower did not make enforcement contingent on prior exhaustion of remedies against the principal debtor. en-us Tue, 17 Oct 2000 00:00:00 +0530 Wed, 07 Mar 2012 12:16:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=105704 Section 22 of the Sick Industrial Companies Act bars suits for enforcement of guarantees relating to loans advanced to a sick industrial company, but it does not extend to an insolvency notice or insolvency proceedings against the guarantor because such proceedings are independent and not a suit. The Bombay High Court also treated a recovery certificate under section 101 of the Maharashtra Co-operative Societies Act as enforceable against the guarantor, as the certificate imposed joint and several liability and the preference to first recover from the borrower did not make enforcement contingent on prior exhaustion of remedies against the principal debtor. Case-Laws Companies Law Tue, 17 Oct 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=105704