https://www.taxtmi.com/caselaws?id=764489 A continuing and irrevocable guarantee, especially where the contract waives objection to variance in the principal debt, is not discharged by the guarantor's unilateral revocation or by later restructuring consistent with the facility terms. The guarantor remained liable for the outstanding obligation, and the insolvency application was held within limitation because the liability was co-extensive with the principal debtor, acknowledgments and continuing liability affected limitation, and the applicable exclusion period applied. Adverse remarks against the resolution professional were unsustainable because they rested on an incorrect factual assumption and were made without a fair opportunity to explain, so they were ordered to be expunged. en-us Mon, 06 Jan 2025 00:00:00 +0530 Fri, 10 Jan 2025 17:37:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=764489 A continuing and irrevocable guarantee, especially where the contract waives objection to variance in the principal debt, is not discharged by the guarantor's unilateral revocation or by later restructuring consistent with the facility terms. The guarantor remained liable for the outstanding obligation, and the insolvency application was held within limitation because the liability was co-extensive with the principal debtor, acknowledgments and continuing liability affected limitation, and the applicable exclusion period applied. Adverse remarks against the resolution professional were unsustainable because they rested on an incorrect factual assumption and were made without a fair opportunity to explain, so they were ordered to be expunged. Case-Laws IBC Mon, 06 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=764489