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TMI Blog2022 (3) TMI 1225X X X X Extracts X X X X X X X X Extracts X X X X ..... e facility agreement dated 14.12.2017. No error has been committed by the Adjudicating Authority in the impugned order by admitting the Application under Section 7. Learned Counsel for the Appellant submits that there is variation of the contract, therefore, the guarantee could not enure with regard to the subsequent contract - on going through facility agreement and guarantee deed, it is found that the guarantee continues and also apply to subsequent renewal of the facility agreement. There are no substance in the arguments of the Learned Counsel for the Appellant - appeal dismissed. - Comp. App. (AT) (Ins.) No. 278 of 2022 - - - Dated:- 28-3-2022 - [Justice Ashok Bhushan] Chairperson, [Dr. Alok Srivastava] Member (Technical) And ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f the Learned Counsel for the Appellant and perused the record. 6. In para 8 of the judgment, the Adjudicating Authority had made following observations:- 8. Heard both the sides and perused the documents on record, it is beyond doubt that the default has occurred with respect to the payment of the financial debt due to the Applicant. We have also gone through the case laws relied upon by the financial creditor. It manifests that the deed of guarantee was executed into between the financial creditor and the respondent, wherein the respondent has failed in clearing the payment to the financial creditor. It can be thus inferred that there is no merit in the so-called dispute raised by the corporate debtor in reply to the application. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... security. xxx xxx xxx (i) Any variation, renewal, increase, extension, compromise, discharge, dealing with exchange or renewal of any right or remedy which the Lender may have now or after the date of this Guarantee against the Borrower or any other person, 9. When we read the guarantee executed on 10.10.2016 by the Appellant and the facility agreement executed on 14.12.2017, we do not find any error in the view taken by the Adjudicating Authority that the guarantee executed by the Appellant shall continue even for the facility agreement dated 14.12.2017. No error has been committed by the Adjudicating Authority in the impugned order by admitting the Application under Section 7. 10. Learned Counsel for the Appellant submit ..... X X X X Extracts X X X X X X X X Extracts X X X X
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