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TMI BlogThe sanction letter clearly mentioned that all existing securities, including the guarantees dated...The sanction letter clearly mentioned that all existing securities, including the guarantees dated 22.08.2015 and 18.11.2016, would continue to cover the existing facilities with the revised repayment schedule and the fresh FITL facility. The Section 7 Application pertained to Cash Credit, Term Loan, FITL, and Cash Credit Adhoc facilities, for which the guarantees dated 22.08.2015 and 18.11.2016 were applicable. The Consortium Agreement executed on 06.11.2020 did not affect the existing securities, and there was no novation of the contract. The disbursements made pursuant to the 2013 sanction and the guarantees issued by the corporate guarantor on 22.08.2015 and 18.11.2016 continued to bind the corporate guarantor. The subsequent Adhoc Limi..... ..... X X X X Extracts X X X X X X X X Extracts X X X X
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