https://www.taxtmi.com/caselaws?id=437210 A corporate guarantee that requires payment only on demand does not make the guarantor's default automatically coincide with the borrower's default; the contractual terms govern when default arises. On the wording of the guarantee deed, payment became due only after a creditor's demand notice calling for payment within seven days, so non-payment after that period constituted the relevant default. If that default fell within the Section 10A suspension period, a Section 7 insolvency application against the corporate guarantor was not maintainable. en-us Fri, 28 Apr 2023 00:00:00 +0530 Sun, 30 Apr 2023 21:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=437210 A corporate guarantee that requires payment only on demand does not make the guarantor's default automatically coincide with the borrower's default; the contractual terms govern when default arises. On the wording of the guarantee deed, payment became due only after a creditor's demand notice calling for payment within seven days, so non-payment after that period constituted the relevant default. If that default fell within the Section 10A suspension period, a Section 7 insolvency application against the corporate guarantor was not maintainable. Case-Laws Insolvency and Bankruptcy Fri, 28 Apr 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=437210