https://www.taxtmi.com/caselaws?id=114057 A decree-holder or recovery authority is not, as a matter of general law, required to exhaust the principal debtor's mortgaged property before proceeding against the guarantor. The court applied the Supreme Court ruling in State Bank of India v. Indexport Registered and treated the contrary view as overruled. A decision relied on by the petitioner was distinguished because it turned on a special statutory scheme that expressly required prior sale of the debtor's property, and no statutory mandate governed the present recovery proceedings. The petitioner could not insist on first proceeding against the company and its assets before enforcing recovery against the guarantor. en-us Wed, 17 Jun 2009 00:00:00 +0530 Fri, 07 Nov 2014 11:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=114057 A decree-holder or recovery authority is not, as a matter of general law, required to exhaust the principal debtor's mortgaged property before proceeding against the guarantor. The court applied the Supreme Court ruling in State Bank of India v. Indexport Registered and treated the contrary view as overruled. A decision relied on by the petitioner was distinguished because it turned on a special statutory scheme that expressly required prior sale of the debtor's property, and no statutory mandate governed the present recovery proceedings. The petitioner could not insist on first proceeding against the company and its assets before enforcing recovery against the guarantor. Case-Laws Companies Law Wed, 17 Jun 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=114057