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Liability of guarantor coextensive with that of borrower hence CIRP application u/s. 7 of IBC admitted
Case Law Details
- Case Name
- Hackbridge Hewittic And Easun Ltd Vs State Bank of India (NCLT Chennai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- NCLT
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Hackbridge Hewittic And Easun Ltd Vs State Bank of India (NCLT Chennai)
NCLT Chennai held that as per section 128 of the Indian Contract Act, the liability of guarantor is coextensive with that of the Borrower. Accordingly, application u/s. 7 of Insolvency and Bankruptcy Code against Corporate Guarantor admitted.
Facts- This petition under section 7 read with Rule 4 of the Insolvency and Bankruptcy Code, 2016 (“IBC”) has been filed by State Bank of India against the Respondent/Corporate Guarantor, Hackbridge Hewittic and Easun Limited for initiating insolvency process against the Corporate...
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