https://www.taxtmi.com/caselaws?id=764165 A consortium finance structure may permit an individual lender acting as lenders' agent to invoke an unconditional, continuing personal guarantee and maintain insolvency proceedings against personal guarantors where the loan and guarantee documents, read together, confer separate and independent enforcement rights on each lender. Coextensive liability of the guarantor supports enforcement once default, NPA classification and CIRP of the corporate debtor have occurred. A challenge to the filing authority was also rejected where the application was supported by an authority letter and the signatory was within the bank's statutorily authorised officer framework; a merely technical objection does not invalidate the filing. en-us Fri, 03 Jan 2025 00:00:00 +0530 Sat, 04 Jan 2025 08:44:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=764165 A consortium finance structure may permit an individual lender acting as lenders' agent to invoke an unconditional, continuing personal guarantee and maintain insolvency proceedings against personal guarantors where the loan and guarantee documents, read together, confer separate and independent enforcement rights on each lender. Coextensive liability of the guarantor supports enforcement once default, NPA classification and CIRP of the corporate debtor have occurred. A challenge to the filing authority was also rejected where the application was supported by an authority letter and the signatory was within the bank's statutorily authorised officer framework; a merely technical objection does not invalidate the filing. Case-Laws IBC Fri, 03 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=764165