https://www.taxtmi.com/caselaws?id=437210 The Tribunal allowed the appeal, setting aside the impugned order and concluded that the application under Section 7 filed by the Bank was barred by Section 10A, as the default on the part of the Guarantor arose during the prohibited period under Section 10A. The Tribunal emphasized that the liability of the Guarantor is co-extensive with that of the Principal Debtor unless the contract provides otherwise, referencing relevant provisions of the Indian Contract Act and Supreme Court judgments. 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 The Tribunal allowed the appeal, setting aside the impugned order and concluded that the application under Section 7 filed by the Bank was barred by Section 10A, as the default on the part of the Guarantor arose during the prohibited period under Section 10A. The Tribunal emphasized that the liability of the Guarantor is co-extensive with that of the Principal Debtor unless the contract provides otherwise, referencing relevant provisions of the Indian Contract Act and Supreme Court judgments. Case-Laws Insolvency and Bankruptcy Fri, 28 Apr 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=437210