https://www.taxtmi.com/highlights?id=65769 Maintainability of Insolvency Petition against the Guarantor - The OTS is not a novation of the original debt but is only to be construed as Terms of Settlement offered and agreed upon by the Borrower to discharge its liability. The Guarantor is a direct beneficiary of the OTS. Having signed and accepted OTS proposal, the Appellant cannot now turn around and take a stand that the liability is not co-extensive or that the Guarantee was invoked only in 2013. - AT en-us Fri, 23 Sep 2022 17:32:34 +0530 Fri, 23 Sep 2022 17:32:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=65769 Maintainability of Insolvency Petition against the Guarantor - The OTS is not a novation of the original debt but is only to be construed as Terms of Settlement offered and agreed upon by the Borrower to discharge its liability. The Guarantor is a direct beneficiary of the OTS. Having signed and accepted OTS proposal, the Appellant cannot now turn around and take a stand that the liability is not co-extensive or that the Guarantee was invoked only in 2013. - AT Highlights Insolvency and Bankruptcy Fri, 23 Sep 2022 17:32:34 +0530 https://www.taxtmi.com/highlights?id=65769