https://www.taxtmi.com/caselaws?id=428508 Section 60(5) of the Insolvency and Bankruptcy Code does not extend to an independent recovery dispute against a personal guarantor under the security enforcement law, and the moratorium under sections 14 and 33(5) applies to the corporate debtor, not to such guarantor proceedings. The article also notes that a guarantor who pays the debt acquires creditor rights under the Contract Act, but does not become a secured creditor unless a security interest has been created in his favour. In the event of inconsistency, the Insolvency and Bankruptcy Code prevails over the Contract Act to the extent of conflict. en-us Fri, 30 Sep 2022 00:00:00 +0530 Mon, 03 Oct 2022 08:56:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=428508 Section 60(5) of the Insolvency and Bankruptcy Code does not extend to an independent recovery dispute against a personal guarantor under the security enforcement law, and the moratorium under sections 14 and 33(5) applies to the corporate debtor, not to such guarantor proceedings. The article also notes that a guarantor who pays the debt acquires creditor rights under the Contract Act, but does not become a secured creditor unless a security interest has been created in his favour. In the event of inconsistency, the Insolvency and Bankruptcy Code prevails over the Contract Act to the extent of conflict. Case-Laws Insolvency and Bankruptcy Fri, 30 Sep 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=428508