https://www.taxtmi.com/caselaws?id=300664 Following liquidation of the corporate debtor under the Insolvency and Bankruptcy Code, a secured creditor may still enforce its security against the personal properties of guarantors under the SARFAESI Act. The Court noted that a guarantor's liability remains co-extensive with that of the principal debtor, that the liquidation estate does not include the guarantors' personal assets, and that the moratorium does not extend to a surety in a contract of guarantee. It therefore found no statutory bar to action against the guarantors merely because the corporate debtor's secured assets had been relinquished to the liquidator, and the challenge to the e-auction notice failed. en-us Thu, 28 Feb 2019 00:00:00 +0530 Fri, 18 Feb 2022 07:31:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=300664 Following liquidation of the corporate debtor under the Insolvency and Bankruptcy Code, a secured creditor may still enforce its security against the personal properties of guarantors under the SARFAESI Act. The Court noted that a guarantor's liability remains co-extensive with that of the principal debtor, that the liquidation estate does not include the guarantors' personal assets, and that the moratorium does not extend to a surety in a contract of guarantee. It therefore found no statutory bar to action against the guarantors merely because the corporate debtor's secured assets had been relinquished to the liquidator, and the challenge to the e-auction notice failed. Case-Laws Indian Laws Thu, 28 Feb 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=300664