https://www.taxtmi.com/caselaws?id=450164 In insolvency proceedings against a corporate guarantor, limitation may be extended where the guarantee deed makes liability co-extensive with the principal borrower and the instrument contemplates binding acknowledgments. A valid acknowledgment or settlement proposal by the principal borrower within the limitation period can therefore preserve the debt against the guarantor. Applying that principle on the facts, the debt was treated as subsisting and the section 7 application was held to be within time and maintainable. en-us Mon, 26 Feb 2024 00:00:00 +0530 Wed, 28 Feb 2024 18:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=450164 In insolvency proceedings against a corporate guarantor, limitation may be extended where the guarantee deed makes liability co-extensive with the principal borrower and the instrument contemplates binding acknowledgments. A valid acknowledgment or settlement proposal by the principal borrower within the limitation period can therefore preserve the debt against the guarantor. Applying that principle on the facts, the debt was treated as subsisting and the section 7 application was held to be within time and maintainable. Case-Laws Insolvency and Bankruptcy Mon, 26 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=450164