https://www.taxtmi.com/caselaws?id=794647 A continuing and irrevocable personal guarantee remained enforceable because resignation from the corporate debtor did not, by itself, terminate the guarantee and no notice of revocation was issued to the creditor under Section 130 of the Indian Contract Act. The guarantee deed also preserved liability despite future variations in contractual terms. Renewal or alteration of the credit facilities did not amount to novation under Section 62, as there was no mutual substitution of the original contract by a new one. The surety was therefore not discharged, and the challenge to personal insolvency proceedings failed. en-us Mon, 06 Jul 2026 00:00:00 +0530 Thu, 09 Jul 2026 08:35:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=794647 A continuing and irrevocable personal guarantee remained enforceable because resignation from the corporate debtor did not, by itself, terminate the guarantee and no notice of revocation was issued to the creditor under Section 130 of the Indian Contract Act. The guarantee deed also preserved liability despite future variations in contractual terms. Renewal or alteration of the credit facilities did not amount to novation under Section 62, as there was no mutual substitution of the original contract by a new one. The surety was therefore not discharged, and the challenge to personal insolvency proceedings failed. Case-Laws IBC Mon, 06 Jul 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=794647