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Corporate Insolvency Process: Guarantor Liable for Loans of Partnership Firms, Creditor Can Directly Pursue Guarantor.

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....Initiation of CIRP - Corporate Guarantor being a Company - The Company stood guarantor for the loans availed by the three borrowers which are partnership firm and / or proprietary concerns - the liability of the guarantor is co-extensive with that of the Principal Borrower - It was open to the Financial Creditor to proceed against the guarantor without first suing the Principal Borrower - SC....

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Corporate Insolvency Process: Guarantor Liable for Loans of Partnership Firms, Creditor Can Directly Pursue Guarantor.