https://www.taxtmi.com/caselaws?id=295228 A section 7 IBC application was treated as maintainable against the principal borrower even after a resolution plan in the corporate guarantor's insolvency process, because satisfaction of liabilities in the guarantor's proceedings did not by itself extinguish the borrower's independent debt unless expressly discharged. The tribunal also treated the petition as within limitation, relying on written acknowledgments and settlement-related records showing subsisting liability within the limitation period, which renewed time under the Limitation Act, 1963. On that basis, the application was admitted, CIRP was initiated, and moratorium and related insolvency directions followed. en-us Wed, 18 Nov 2020 00:00:00 +0530 Tue, 25 May 2021 08:37:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=295228 A section 7 IBC application was treated as maintainable against the principal borrower even after a resolution plan in the corporate guarantor's insolvency process, because satisfaction of liabilities in the guarantor's proceedings did not by itself extinguish the borrower's independent debt unless expressly discharged. The tribunal also treated the petition as within limitation, relying on written acknowledgments and settlement-related records showing subsisting liability within the limitation period, which renewed time under the Limitation Act, 1963. On that basis, the application was admitted, CIRP was initiated, and moratorium and related insolvency directions followed. Case-Laws Insolvency and Bankruptcy Wed, 18 Nov 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=295228