https://www.taxtmi.com/caselaws?id=310111 The court ruled that individual guarantors can be subjected to insolvency proceedings under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, rejecting the argument that it only applies to partnership debts. The court confirmed the appropriateness of the Debts Recovery Tribunal as the adjudicating authority for such proceedings and held that the liability of a guarantor is co-extensive with that of the principal debtor under Section 128 of the Contract Act, 1872. The petition was dismissed, and the petitioner was ordered to pay costs to the respondent bank. en-us Wed, 28 Jul 2021 00:00:00 +0530 Sat, 07 Oct 2023 08:32:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=310111 The court ruled that individual guarantors can be subjected to insolvency proceedings under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, rejecting the argument that it only applies to partnership debts. The court confirmed the appropriateness of the Debts Recovery Tribunal as the adjudicating authority for such proceedings and held that the liability of a guarantor is co-extensive with that of the principal debtor under Section 128 of the Contract Act, 1872. The petition was dismissed, and the petitioner was ordered to pay costs to the respondent bank. Case-Laws Insolvency and Bankruptcy Wed, 28 Jul 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=310111