https://www.taxtmi.com/caselaws?id=757150 Later sanction letters and a subsequent guarantee deed did not extinguish earlier corporate guarantees because the revised facilities expressly preserved existing securities and extended them to additional liabilities. The novation plea under Section 62 of the Contract Act therefore failed, leaving the earlier guarantees binding on the corporate debtor. The tribunal also treated the 06.03.2023 invocation of those continuing guarantees as valid, since the covered debt remained within the security package and default was not genuinely disputed. On that basis, the insolvency admission founded on the guarantee invocation was sustained. en-us Wed, 14 Aug 2024 00:00:00 +0530 Sat, 17 Aug 2024 08:01:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=757150 Later sanction letters and a subsequent guarantee deed did not extinguish earlier corporate guarantees because the revised facilities expressly preserved existing securities and extended them to additional liabilities. The novation plea under Section 62 of the Contract Act therefore failed, leaving the earlier guarantees binding on the corporate debtor. The tribunal also treated the 06.03.2023 invocation of those continuing guarantees as valid, since the covered debt remained within the security package and default was not genuinely disputed. On that basis, the insolvency admission founded on the guarantee invocation was sustained. Case-Laws Insolvency and Bankruptcy Wed, 14 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=757150