https://www.taxtmi.com/caselaws?id=401046 For section 7 insolvency applications, limitation under Article 137 of the Limitation Act applies through section 238A of the Insolvency and Bankruptcy Code, and time spent in suspended recovery proceedings under section 22(1) of the Sick Industrial Companies Act may be excluded when computing the three-year period. The computation must account for the dates of invocation of the corporate guarantee and the pendency of BIFR references, including periods excluded by statute. A corporate guarantor's liability remains coextensive with the principal borrower's liability until the secured debt is satisfied, and an assignee of the original lender may proceed against the guarantor. Discharge and limitation objections were rejected on these principles. en-us Tue, 24 Nov 2020 00:00:00 +0530 Wed, 25 Nov 2020 13:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=401046 For section 7 insolvency applications, limitation under Article 137 of the Limitation Act applies through section 238A of the Insolvency and Bankruptcy Code, and time spent in suspended recovery proceedings under section 22(1) of the Sick Industrial Companies Act may be excluded when computing the three-year period. The computation must account for the dates of invocation of the corporate guarantee and the pendency of BIFR references, including periods excluded by statute. A corporate guarantor's liability remains coextensive with the principal borrower's liability until the secured debt is satisfied, and an assignee of the original lender may proceed against the guarantor. Discharge and limitation objections were rejected on these principles. Case-Laws Insolvency and Bankruptcy Tue, 24 Nov 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=401046