https://www.taxtmi.com/caselaws?id=305167 A section 7 application under the Insolvency and Bankruptcy Code was found to be within limitation and properly authorised because prior recall and guarantee invocation notices were followed by a revival letter acknowledging liability, and the filing was supported by board-approved delegation. The corporate guarantee was held validly invoked and binding on the corporate debtor, as the guarantee was continuing, irrevocable, and enforceable on a joint and several basis despite disputes with the borrower. Default was established from the NPA classification, outstanding debt record, and acknowledged liability, so the application was complete and CIRP was admitted with moratorium and appointment of the Interim Resolution Professional. en-us Tue, 10 May 2022 00:00:00 +0530 Mon, 21 Nov 2022 04:45:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=305167 A section 7 application under the Insolvency and Bankruptcy Code was found to be within limitation and properly authorised because prior recall and guarantee invocation notices were followed by a revival letter acknowledging liability, and the filing was supported by board-approved delegation. The corporate guarantee was held validly invoked and binding on the corporate debtor, as the guarantee was continuing, irrevocable, and enforceable on a joint and several basis despite disputes with the borrower. Default was established from the NPA classification, outstanding debt record, and acknowledged liability, so the application was complete and CIRP was admitted with moratorium and appointment of the Interim Resolution Professional. Case-Laws Insolvency and Bankruptcy Tue, 10 May 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=305167