https://www.taxtmi.com/caselaws?id=758078 In a section 7 proceeding against a corporate guarantor under a demand guarantee, default arose on invocation of the guarantee and failure to pay, so the date of default of the principal borrower was not determinative. On that basis, the limitation objection and the section 10A objection were rejected. The record of disbursal, execution of corporate guarantees, invocation, and non-payment established financial debt and default, and the complete, duly authorised application was admitted. CIRP was initiated against the corporate debtor, moratorium applied, and an interim resolution professional was appointed. en-us Wed, 03 Jan 2024 00:00:00 +0530 Sat, 07 Sep 2024 08:17:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=758078 In a section 7 proceeding against a corporate guarantor under a demand guarantee, default arose on invocation of the guarantee and failure to pay, so the date of default of the principal borrower was not determinative. On that basis, the limitation objection and the section 10A objection were rejected. The record of disbursal, execution of corporate guarantees, invocation, and non-payment established financial debt and default, and the complete, duly authorised application was admitted. CIRP was initiated against the corporate debtor, moratorium applied, and an interim resolution professional was appointed. Case-Laws Insolvency and Bankruptcy Wed, 03 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=758078