CIRP - Personal Guarantor - The statutory scheme of the code ...

Case Laws     Insolvency and Bankruptcy

August 2, 2022

CIRP - Personal Guarantor - The statutory scheme of the code does not contain any indication that the Personal Guarantor of a Corporate Debtor can escape from its liability under the Personal Guarantee Deed merely on the ground that he is now started residing in another country and acquired citizenship of another country and is no more an Indian citizen. It is well settled principle of statutory interpretation that such interpretation of a statute should be adopted which makes the statute functional and does not make a statute non-functional - AT

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