https://www.taxtmi.com/caselaws?id=465619 An assignee of a financial debt may maintain a section 7 insolvency application because the assignment transfers the lender's rights and the assignee steps into the lender's shoes. Challenges to the assignment deed and alleged lack of privity do not, by themselves, defeat the petition, and a guarantor's liability is not extinguished merely because the debt has been assigned or proceedings are pending against the principal borrower. Acknowledgments of liability and revival letters can extend limitation, including the benefit of pandemic-related limitation extensions. On those facts, the text states that default was established, the application was within limitation, and admission with moratorium and appointment of an interim resolution professional followed. en-us Wed, 24 Jan 2024 00:00:00 +0530 Fri, 09 Jan 2026 11:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=465619 An assignee of a financial debt may maintain a section 7 insolvency application because the assignment transfers the lender's rights and the assignee steps into the lender's shoes. Challenges to the assignment deed and alleged lack of privity do not, by themselves, defeat the petition, and a guarantor's liability is not extinguished merely because the debt has been assigned or proceedings are pending against the principal borrower. Acknowledgments of liability and revival letters can extend limitation, including the benefit of pandemic-related limitation extensions. On those facts, the text states that default was established, the application was within limitation, and admission with moratorium and appointment of an interim resolution professional followed. Case-Laws IBC Wed, 24 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=465619