https://www.taxtmi.com/caselaws?id=307834 A factoring assignee may invoke Order XXXVII CPC to recover receivables and enforce an independent guarantee where the liability is liquidated and ascertainable. The guarantor cannot claim the moratorium applicable to the principal borrower because insolvency protection does not extend to a surety under an independent contract of guarantee. Limitation was held to exclude the period spent in sick industrial company proceedings, and a parallel criminal complaint did not bar civil recovery. On those facts, the defence raised no substantial triable issue for the guaranteed sum, while any ancillary claim beyond that amount was left to be pursued in insolvency proceedings against the borrower. en-us Thu, 01 Aug 2019 00:00:00 +0530 Thu, 11 May 2023 16:45:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=307834 A factoring assignee may invoke Order XXXVII CPC to recover receivables and enforce an independent guarantee where the liability is liquidated and ascertainable. The guarantor cannot claim the moratorium applicable to the principal borrower because insolvency protection does not extend to a surety under an independent contract of guarantee. Limitation was held to exclude the period spent in sick industrial company proceedings, and a parallel criminal complaint did not bar civil recovery. On those facts, the defence raised no substantial triable issue for the guaranteed sum, while any ancillary claim beyond that amount was left to be pursued in insolvency proceedings against the borrower. Case-Laws Indian Laws Thu, 01 Aug 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=307834