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IBC - Highlights / Catch Notes

Home Highlights September 2022 Year 2022 This

Maintainability of Insolvency Petition against the Guarantor - ...

Insolvency and Bankruptcy

September 23, 2022

Maintainability of Insolvency Petition against the Guarantor - The OTS is not a novation of the original debt but is only to be construed as Terms of Settlement offered and agreed upon by the Borrower to discharge its liability. The Guarantor is a direct beneficiary of the OTS. Having signed and accepted OTS proposal, the Appellant cannot now turn around and take a stand that the liability is not co-extensive or that the Guarantee was invoked only in 2013. - AT

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