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Export Import Bank of India Versus CHL Limited

Corporate Insolvency Resolution Process - whether a principal debtor cannot be regarded in default - Held that - It cannot be concluded that the Corporate Debtor-guarantor could be regarded as defaulter once no default is deemed to be committed by the principal borrower, namely CJSC CHL International. In view of Clause 4 of the Guarantee Agreement, it is only in the event of default on the part of the principal borrower that the guarantor has assumed the liability to repay. All the three Loan Ag....... + More



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