https://www.taxtmi.com/caselaws?id=200056 A special enactment nationalising sick textile undertakings did not extinguish the liability of guarantors under deeds of guarantee. The Court held that the statute's overriding effect concerned the liabilities and recovery of the nationalised undertaking, but it contained no express provision discharging guarantors. A guarantor's obligation continued under the terms of the guarantee even if recovery from the principal borrower was affected. The suit against the guarantors was therefore maintainable, and the preliminary objection was rejected. en-us Tue, 16 Jan 2001 00:00:00 +0530 Mon, 19 Mar 2018 10:24:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=200056 A special enactment nationalising sick textile undertakings did not extinguish the liability of guarantors under deeds of guarantee. The Court held that the statute's overriding effect concerned the liabilities and recovery of the nationalised undertaking, but it contained no express provision discharging guarantors. A guarantor's obligation continued under the terms of the guarantee even if recovery from the principal borrower was affected. The suit against the guarantors was therefore maintainable, and the preliminary objection was rejected. Case-Laws Indian Laws Tue, 16 Jan 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=200056