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IBC - Highlights / Catch Notes

Home Highlights November 2020 Year 2020 This

Neither Section 14 nor Section 31 of the IB Code place any ...

Insolvency and Bankruptcy

November 3, 2020

Neither Section 14 nor Section 31 of the IB Code place any fetters on Banks/Financial Institutions from initiation and continuation of the proceedings against the guarantor for recovering their dues. That being the position, the plea taken by the counsel for the petitioner that all proceedings against the petitioner, who is only a guarantor, ought to be stayed under the SARFESI Act during the continuation of the Insolvency Resolution process qua the Principal Borrower, is rejected as meritless. - HC

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