https://www.taxtmi.com/caselaws?id=110544 A surety's liability is co-extensive with that of the principal debtor, so a creditor is not required to exhaust remedies against the principal debtor or the debtor's estate before proceeding against guarantors. Notice under the SARFAESI Act had been issued to both the debtor and the guarantors, and no independent legal basis was shown to restrain recovery or auction. The Court therefore rejected the contention that action had to be taken first against the principal debtor and held that the guarantors could not prevent recovery or auction. en-us Mon, 16 Aug 2004 00:00:00 +0530 Tue, 17 Apr 2012 14:00:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=110544 A surety's liability is co-extensive with that of the principal debtor, so a creditor is not required to exhaust remedies against the principal debtor or the debtor's estate before proceeding against guarantors. Notice under the SARFAESI Act had been issued to both the debtor and the guarantors, and no independent legal basis was shown to restrain recovery or auction. The Court therefore rejected the contention that action had to be taken first against the principal debtor and held that the guarantors could not prevent recovery or auction. Case-Laws Companies Law Mon, 16 Aug 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=110544