https://www.taxtmi.com/caselaws?id=786593 A demand notice in Form B cannot substitute for a prior invocation where the guarantee is a continuing on demand guarantee: the statutory scheme requires an application to demonstrate the debt, service of a notice of demand and non payment within the prescribed period together with evidence of default, and the guarantor's liability arises only after invocation/demand under the deed. Because no separate invocation preceded issuance of Form B on the admitted facts, the precondition of an invoked guarantee and resultant default was not met and initiation of insolvency proceedings against the guarantor was impermissible. en-us Wed, 11 Feb 2026 00:00:00 +0530 Fri, 13 Feb 2026 12:11:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=786593 A demand notice in Form B cannot substitute for a prior invocation where the guarantee is a continuing on demand guarantee: the statutory scheme requires an application to demonstrate the debt, service of a notice of demand and non payment within the prescribed period together with evidence of default, and the guarantor's liability arises only after invocation/demand under the deed. Because no separate invocation preceded issuance of Form B on the admitted facts, the precondition of an invoked guarantee and resultant default was not met and initiation of insolvency proceedings against the guarantor was impermissible. Case-Laws IBC Wed, 11 Feb 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=786593