https://www.taxtmi.com/caselaws?id=394596 The Tribunal found the application maintainable under Section 7 of the Insolvency and Bankruptcy Code, 2016, against the Corporate Debtor due to default in paying a financial debt. The Corporate Guarantor's liability was upheld post-approval of the resolution plan for the principal debtor, as the guarantor's obligation was independent. The Tribunal held that the guarantor could not claim discharge under Section 135 of the Indian Contract Act, 1872, as the discharge of the principal debtor did not discharge the guarantor's liability. The application to initiate Corporate Insolvency Resolution Process was admitted, and a moratorium declared. en-us Wed, 04 Sep 2019 00:00:00 +0530 Sat, 18 Apr 2020 14:10:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=394596 The Tribunal found the application maintainable under Section 7 of the Insolvency and Bankruptcy Code, 2016, against the Corporate Debtor due to default in paying a financial debt. The Corporate Guarantor's liability was upheld post-approval of the resolution plan for the principal debtor, as the guarantor's obligation was independent. The Tribunal held that the guarantor could not claim discharge under Section 135 of the Indian Contract Act, 1872, as the discharge of the principal debtor did not discharge the guarantor's liability. The application to initiate Corporate Insolvency Resolution Process was admitted, and a moratorium declared. Case-Laws Insolvency and Bankruptcy Wed, 04 Sep 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=394596