https://www.taxtmi.com/caselaws?id=763377 A guarantee drafted to take effect only on sanction and full implementation of a CDR package was treated as prima facie inoperative where the stated contingency never occurred, so interim declaratory relief was granted to the borrower. The court also held that the debt-recovery jurisdiction bar did not automatically defeat an independent civil suit seeking a declaration that the guarantee never became effective, and that threshold rejection of the plaint was not warranted on limitation where the instrument was alleged to be void or inoperative rather than merely voidable. Recovery and insolvency proceedings were left undisturbed. en-us Sat, 14 Dec 2024 00:00:00 +0530 Wed, 18 Dec 2024 13:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=763377 A guarantee drafted to take effect only on sanction and full implementation of a CDR package was treated as prima facie inoperative where the stated contingency never occurred, so interim declaratory relief was granted to the borrower. The court also held that the debt-recovery jurisdiction bar did not automatically defeat an independent civil suit seeking a declaration that the guarantee never became effective, and that threshold rejection of the plaint was not warranted on limitation where the instrument was alleged to be void or inoperative rather than merely voidable. Recovery and insolvency proceedings were left undisturbed. Case-Laws Companies Law Sat, 14 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=763377