https://www.taxtmi.com/caselaws?id=770872 An on-demand guarantee was held to be invoked where a notice under Section 13(2) of the SARFAESI Act was addressed to the personal guarantor, specified the amount due, and required payment within the stated time. The reference in the notice to possible further action under Section 13(4) did not change its character as a demand on the guarantor. On that basis, the notice furnished a valid cause for an application under Section 94(1) of the Insolvency and Bankruptcy Code, and the application was not premature. The rejection order was set aside and the insolvency application was revived for decision according to law. en-us Thu, 15 May 2025 00:00:00 +0530 Sat, 17 May 2025 08:39:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=770872 An on-demand guarantee was held to be invoked where a notice under Section 13(2) of the SARFAESI Act was addressed to the personal guarantor, specified the amount due, and required payment within the stated time. The reference in the notice to possible further action under Section 13(4) did not change its character as a demand on the guarantor. On that basis, the notice furnished a valid cause for an application under Section 94(1) of the Insolvency and Bankruptcy Code, and the application was not premature. The rejection order was set aside and the insolvency application was revived for decision according to law. Case-Laws IBC Thu, 15 May 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=770872