https://www.taxtmi.com/caselaws?id=428065 A one-time settlement does not discharge a guarantor where the guarantee deed permits variation of the borrower's arrangement and the guarantor joins the settlement; such settlement is treated as restructuring, not novation, so the original debt remains enforceable. A guarantee expressed as joint and several, continuing until full repayment, creates coextensive liability under section 128 of the Indian Contract Act, allowing the creditor to proceed against the surety without a fresh invocation after settlement events. Prior invocation, recovery proceedings, a recovery certificate, and later settlement conduct may also extend limitation, so a section 7 insolvency application is not time-barred. en-us Tue, 20 Sep 2022 00:00:00 +0530 Thu, 22 Sep 2022 12:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=428065 A one-time settlement does not discharge a guarantor where the guarantee deed permits variation of the borrower's arrangement and the guarantor joins the settlement; such settlement is treated as restructuring, not novation, so the original debt remains enforceable. A guarantee expressed as joint and several, continuing until full repayment, creates coextensive liability under section 128 of the Indian Contract Act, allowing the creditor to proceed against the surety without a fresh invocation after settlement events. Prior invocation, recovery proceedings, a recovery certificate, and later settlement conduct may also extend limitation, so a section 7 insolvency application is not time-barred. Case-Laws Insolvency and Bankruptcy Tue, 20 Sep 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=428065