https://www.taxtmi.com/caselaws?id=380857 A Section 7 insolvency petition was held maintainable against a corporate guarantor because liability under a guarantee for borrowings covered by the Code forms part of financial debt, and a corporate debtor may be proceeded against on default even where the underlying borrowers were a partnership firm and proprietary concerns. The limitation objection also failed because the principal borrowers acknowledged the accounts on 03.10.2016, extending limitation under the Limitation Act; prior Debt Recovery Tribunal proceedings did not themselves extend time. The insolvency application was therefore admitted with moratorium and appointment of an interim resolution professional. en-us Mon, 08 Apr 2019 00:00:00 +0530 Thu, 30 May 2019 09:56:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=380857 A Section 7 insolvency petition was held maintainable against a corporate guarantor because liability under a guarantee for borrowings covered by the Code forms part of financial debt, and a corporate debtor may be proceeded against on default even where the underlying borrowers were a partnership firm and proprietary concerns. The limitation objection also failed because the principal borrowers acknowledged the accounts on 03.10.2016, extending limitation under the Limitation Act; prior Debt Recovery Tribunal proceedings did not themselves extend time. The insolvency application was therefore admitted with moratorium and appointment of an interim resolution professional. Case-Laws Insolvency and Bankruptcy Mon, 08 Apr 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=380857