Advocate Sushila
SUPREME COURT HOLDS THAT INSOLVENCY PROCEEDING IS MAINTAINABLE AGAINST A CORPORATE GUARANTOR OF A NON CORPORATE PRINCIPAL BORROWER

SUPREME COURT HOLDS THAT INSOLVENCY PROCEEDING IS MAINTAINABLE AGAINST A CORPORATE GUARANTOR OF A NON CORPORATE PRINCIPAL BORROWER

The Supreme Court of India in the case of Laxmi Pat Surana versus Union Bank of India & Anr. [Civil Appeal No. 2734/2020], vide Judgment dated 26.03.2021 held that #CorporateInsolvencyResolutionProceedings under Section 7 of the Insolvency and Bankruptcy Code, 2016 (‘#IBC’) is maintainable against a #CorporateGuarantor even if the Principal Borrower is not a corporate person within the meaning of Section 3(8) of the IBC. As per this Section a “#corporatedebtor” means a corporate person who owes a debt to any person.


To read more, please visit the link below:


https://theindianlawyer.in/supreme-court-holds-that-insolvency-proceeding-is-maintainable-against-a-corporate-guarantor-of-a-non-corporate-principal-borrower/


#supremecourt #insolvency #ibc #guarantor

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