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Guarantor's Liability Matches Borrower's Debt u/s 128: Acknowledgment Affects CIRP Limitation Period.
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....CIRP - Period of limitation - in terms of the Section 128 of the Indian Contract Act, 1872 the liability of the Respondent was always co-extensive with debt of Principal Borrower and therefore the acknowledgment of debt by various OTS proposals, were also deemed acknowledgements by the Respondent herein of the liability as guarantors on behalf of the Principal Borrowers. - AT....