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2019 (3) TMI 193 - Tri - Insolvency and BankruptcyCorporate Insolvency Resolution Process - default in repayment of the loan - existence of default in terms of the guarantee agreements executed by the corporate debtor - HELD THAT:- By considering the demand made by the Applicant as per demand letter dated 13.12.2017 issued by the Applicant Bank requesting the corporate debtor to make payment of the amount mentioned in the notice in terms of the guarantee executed by the corporate debtor company; that the obligations to be discharged by the corporate debtor shall continue in full force and would be valid only till the happening of the events mentioned in Clause 24 of the guarantee agreement dated 28.03.2015; that the promoter borrowers discharged its obligations to be performed as per the terms of the guarantee agreements dated 19.12.2012 and 28.03.2015, that there is no further obligations to be performed by the corporate guarantor/corporate debtor. Non-acceptance of infusion of fund as per the terms of guarantee agreement by the Applicant is not legal or proper. So the Applicant has failed in proving existence of default in terms of the guarantee agreements executed by the corporate debtor. Corporate Debtor discharged the obligation as per the terms of the Guarantee and therefore there is no debt due as claimed by the Financial Creditor from the Corporate Debtor. The Applicant being failed in proving existence of a default in terms of the guarantee agreements, this application is liable to be rejected.
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