TMI Blog2023 (7) TMI 1397X X X X Extracts X X X X X X X X Extracts X X X X ..... 10A of IBC - Period of limitation - corporate guarantor defaulted to make payment - Principal Borrower can be made liable for default of corporate guarantor or not - HELD THAT:- When the Financial Creditor has invoked the corporate guarantee of the corporate guarantor by the notice dated 16.10.2020 and asked the corporate guarantor to make the payment within seven days from the receipt of the not ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cate For the Respondent : None ORDER Heard Learned Counsel for the Appellant. 2. This Appeal has been filed against the Order dated 16.05.2023 by which Section 7 Application filed by the Appellant has been rejected as barred by Section 10A. 3. Corporate Debtor is corporate guarantor whose guarantee was invoked by the Appellant by notice dated 16.10.2020 which is filed as Page 77 of the Appeal Pape ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , S.I.C.H.S. Ltd Next to Acres Club, Hemu Kalani Marg, Chembur Mumbai Mh 400071 hodaccounts@clan.today rajukanchwala@yahoo.com 2) MR. LALIT KUMAR SHYAM (earlier Known as Lalit Shyam Tecchandani), 6-C- 5, Basant Park, R.C. Marg, Chembur Mumbai 400071 it@clan.today Ref:- Loan Cum Guarantee Agreement dated 2 nd April, 2018 Subject:-Notice of Demand and Notice for invoking Guarantee. Dear Sir, 1) I ha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tor to make the payment within seven days from the receipt of the notice, the default has occurred during the 10A period and the default dated 02.07.2019 which is default alleged against the Principal Borrower can not be put to a default for corporate guarantor. Liability of corporate guarantor although is coextensive of the Principal Borrower but when the Guarantee requires invocation of the guar ..... X X X X Extracts X X X X X X X X Extracts X X X X
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