https://www.taxtmi.com/caselaws?id=198701 Bank acceptance of the official liquidator's payment in full and final settlement extinguished the principal debtor's liability, and the guarantors could not remain liable for any further recovery because surety liability is coextensive with that of the principal debtor. The reasoning distinguished discharge by settlement from discharge under insolvency or liquidation law, holding that the latter was not the basis of relief here. The challenge to continued recovery against the guarantors therefore failed, and the orders exonerating them from further liability were sustained. en-us Thu, 07 Jul 2011 00:00:00 +0530 Wed, 07 Feb 2018 16:24:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=198701 Bank acceptance of the official liquidator's payment in full and final settlement extinguished the principal debtor's liability, and the guarantors could not remain liable for any further recovery because surety liability is coextensive with that of the principal debtor. The reasoning distinguished discharge by settlement from discharge under insolvency or liquidation law, holding that the latter was not the basis of relief here. The challenge to continued recovery against the guarantors therefore failed, and the orders exonerating them from further liability were sustained. Case-Laws Companies Law Thu, 07 Jul 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=198701