Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding
  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
IBC - Highlights / Catch Notes

Home Highlights April 2023 Year 2023 This

CIRP - Period of limitation - in terms of the Section 128 of the ...


Guarantor's Liability Matches Borrower's Debt u/s 128: Acknowledgment Affects CIRP Limitation Period.

April 13, 2023

Case Laws     Insolvency and Bankruptcy     AT

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

View Source

 


 

You may also like:

  1. Initiation of CIRP - liability of Guarantor of loan - acknowledgment of debt by the Principal Borrower shall be binding on the Guarantor or not - The Tribunal found no...

  2. Withdrawal of the CIRP against the Principal Borrower - bar for the Respondent/Lender in initiating fresh CIRP against the Guarantor or not - , this Tribunal holds that...

  3. 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...

  4. Initiation of CIRP - corporate guarantor - Period of limitation - A fresh period of limitation is required to be computed from the date of acknowledgment of debt by the...

  5. Initiation of CIRP - Guarantor - Extinguishment of debt - The NCLAT upheld the NCLT's decision, finding that ECL did not act as a guarantor for ESL's debts based on the...

  6. Initiation of CIRP - Period of limitation - It is clear that on the day of filing the petition U/S 7 of the Code, there was a subsisting liability on the corporate...

  7. The Resolution Plan excludes personal guarantors, limiting the assignment of debt and security interests to the corporate debtor only. Consequently, the assignee NBFC...

  8. Corporate guarantee not discharged by approval of resolution plan for principal borrower under IBC. Supreme Court judgments in Lalit Kumar Jain, Maitreya Doshi, and Ajay...

  9. Maintainability of petition seeking initiation of CIRP against Personal Guarantor/Respondent - invocation of Bank guarantee and time limitation - The case involved an...

  10. Admission of Section 7 Application of the Financial Creditor - Corporate Debtor / Guarantor failed to fulfil obligations - The tribunal noted the specifics of the...

  11. Corporate insolvency resolution process (CIRP) initiated against corporate debtor and corporate guarantor. Financial creditor granted loan to corporate debtor, secured...

  12. CIRP has been initiated against the principal borrower - There is no bar for the Financial Creditor to proceed against the principal borrower as well as Corporate...

  13. NCLAT dismissed appeal challenging initiation of Personal Insolvency Resolution Process under Section 95 of IBC. Court affirmed creditor's right to file application...

  14. Maintainability of Insolvency Petition against the Guarantor - The OTS is not a novation of the original debt but is only to be construed as Terms of Settlement offered...

  15. CIRP - scope of interim moratorium - application to co-guarantors - the effect of the interim moratorium is only in respect of the debts of a particular debtor. By no...

 

Quick Updates:Latest Updates