https://www.taxtmi.com/caselaws?id=757405 An unconditional personal guarantee remained enforceable despite the guarantors' reliance on a separate Put Option Agreement, because the guarantee was an independent contract making liability unconditional, irrevocable and enforceable on demand, with coextensive surety liability under section 128 of the Indian Contract Act, 1872. The guarantors also had no locus to object to assignment of the debt, as the original loan documents and guarantee contemplated assignment and, under section 5 of the SARFAESI Act, 2002, the assignee stepped into the shoes of the lender with full enforcement rights. No denial of natural justice was found in the insolvency proceedings under sections 99 and 100 of the IBC. en-us Tue, 20 Aug 2024 00:00:00 +0530 Wed, 21 Aug 2024 13:01:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=757405 An unconditional personal guarantee remained enforceable despite the guarantors' reliance on a separate Put Option Agreement, because the guarantee was an independent contract making liability unconditional, irrevocable and enforceable on demand, with coextensive surety liability under section 128 of the Indian Contract Act, 1872. The guarantors also had no locus to object to assignment of the debt, as the original loan documents and guarantee contemplated assignment and, under section 5 of the SARFAESI Act, 2002, the assignee stepped into the shoes of the lender with full enforcement rights. No denial of natural justice was found in the insolvency proceedings under sections 99 and 100 of the IBC. Case-Laws Insolvency and Bankruptcy Tue, 20 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=757405