https://www.taxtmi.com/caselaws?id=290997 A guarantor's liability may be discharged where the creditor bank and the principal borrower enter into a compromise that varies the original repayment arrangement without the guarantor's consent. In suretyship, a material alteration or substituted settlement between creditor and principal debtor can end the surety's obligation if the guarantor did not assent to the change. The commentary further notes that, on this footing, a notice issued under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 would not be enforceable against the guarantor once the compromise has attained finality, because the bank can no longer proceed on the settled claim against that surety. en-us Mon, 24 Jan 2011 00:00:00 +0530 Sat, 24 Oct 2020 10:32:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=290997 A guarantor's liability may be discharged where the creditor bank and the principal borrower enter into a compromise that varies the original repayment arrangement without the guarantor's consent. In suretyship, a material alteration or substituted settlement between creditor and principal debtor can end the surety's obligation if the guarantor did not assent to the change. The commentary further notes that, on this footing, a notice issued under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 would not be enforceable against the guarantor once the compromise has attained finality, because the bank can no longer proceed on the settled claim against that surety. Case-Laws Indian Laws Mon, 24 Jan 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=290997