Bank can institute/continue with proceedings against a Guarantor under SARFAESI despite IBC proceedings against Principal Borrower

Kiran Gupta Vs State Bank of India & Anr. (Delhi high Court) Whether a Bank/Financial Institution can institute or continue with proceedings against a Guarantor under the SARFAESI Act, when proceedings under the IBC have been initiated against the Principal Borrower & the same are pending adjudication? Section 128 of the Contract Act provides that the liability of a Guarantor is coextensive with that of the Principal Debtor. Since the liability of a guarantor is co-extensive with that of the principal debtor and not in the alternative, it cannot be said that proceedings in the NCLT ag...