https://www.taxtmi.com/caselaws?id=459568 A personal guarantee expressly made effective only on full implementation of the sanctioned corporate debt restructuring package was held unenforceable because the stated condition precedent was never satisfied. The guarantee deed required the CDR package to be implemented in full and signed by all lenders in accordance with the letter of approval, but the corporate debtor exited the CDR mechanism after failure. As the guarantee never became operative, the petition founded on that guarantee could not be sustained, and limitation was not examined further. The proceeding was dismissed for absence of the foundational contractual basis to invoke the guarantee. en-us Wed, 21 Feb 2024 00:00:00 +0530 Wed, 18 Dec 2024 19:04:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=459568 A personal guarantee expressly made effective only on full implementation of the sanctioned corporate debt restructuring package was held unenforceable because the stated condition precedent was never satisfied. The guarantee deed required the CDR package to be implemented in full and signed by all lenders in accordance with the letter of approval, but the corporate debtor exited the CDR mechanism after failure. As the guarantee never became operative, the petition founded on that guarantee could not be sustained, and limitation was not examined further. The proceeding was dismissed for absence of the foundational contractual basis to invoke the guarantee. Case-Laws Companies Law Wed, 21 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=459568