https://www.taxtmi.com/caselaws?id=469901 A corporate guarantee was treated as an independent contractual obligation that survived demerger and later amalgamation of group entities; restructuring and a request for an additional guarantee did not discharge it, and the renewal letter preserved the existing terms. Objections based on the signatory's authority, absence of a separately pleaded default date, validity of the demand notice, and information utility records were rejected because the power of attorney was broad and default was otherwise established, with invocation of the guarantee treated as the relevant default date. Financial debt, default, completeness of the application, and limitation were found satisfied, so the Section 7 application was admitted and CIRP commenced. en-us Wed, 28 Aug 2024 00:00:00 +0530 Wed, 08 Jul 2026 20:43:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=469901 A corporate guarantee was treated as an independent contractual obligation that survived demerger and later amalgamation of group entities; restructuring and a request for an additional guarantee did not discharge it, and the renewal letter preserved the existing terms. Objections based on the signatory's authority, absence of a separately pleaded default date, validity of the demand notice, and information utility records were rejected because the power of attorney was broad and default was otherwise established, with invocation of the guarantee treated as the relevant default date. Financial debt, default, completeness of the application, and limitation were found satisfied, so the Section 7 application was admitted and CIRP commenced. Case-Laws IBC Wed, 28 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=469901