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Acknowledgment of liability by Corporate Debtor constitutes valid acknowledgment for both borrower and guarantor
Case Law Details
- Case Name
- State Bank of India Vs Bernard John (NCLAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- NCLAT
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State Bank of India Vs Bernard John (NCLAT Delhi)
NCLAT Delhi held that acknowledgment of liability by Corporate Debtor in its balance sheets constitutes valid acknowledgement for both borrower and guarantor. Accordingly, the present appeal is allowed.
Facts- The present appeal has been filed by the State Bank of India (Financial Creditor) against the order dated 16.07.2024 passed by the Hon’ble National Company Law Tribunal. By the said impugned order, the application of the Appellant under Section 95 of the Insolvency and Bankruptcy Code, 2016, for initiation of insolvency resolution proc...
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