https://www.taxtmi.com/caselaws?id=301958 A civil suit on continuing guarantees was maintainable against the guarantors alone because the claim was based on the contractual guarantee, not on any independent statutory liability of the principal debtor or the Central Government. The absence of the principal debtor was not a fatal non-joinder, and the action was not premature. The court also held that limitation for a continuing guarantee runs from breach of the guarantee, when the guarantor refuses performance, not from the original loan or transaction. As the guarantees were invoked within three years before suit, the claim was within time and the decree against the guarantors was sustained. en-us Fri, 07 Jun 2002 00:00:00 +0530 Thu, 28 Apr 2022 15:35:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=301958 A civil suit on continuing guarantees was maintainable against the guarantors alone because the claim was based on the contractual guarantee, not on any independent statutory liability of the principal debtor or the Central Government. The absence of the principal debtor was not a fatal non-joinder, and the action was not premature. The court also held that limitation for a continuing guarantee runs from breach of the guarantee, when the guarantor refuses performance, not from the original loan or transaction. As the guarantees were invoked within three years before suit, the claim was within time and the decree against the guarantors was sustained. Case-Laws Indian Laws Fri, 07 Jun 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=301958