Supreme Court of India
Industrial Investment Bank of India Ltd. v. Bishwanath Jhunjhunwala
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2 Supreme Court benches have cited this judgment.
From the headnote
Debt - Recovery of - Liability of guarantor vis-a-vis principal debtor - Default in loan payment - Lending Bank initiating proceedings against principal debtor as well as guarantor in different forums - High Court in exercise of jurisdiction under Article 227 of Constitution of India staying proceedings before Tribunal till the right of the lending Bank was established against the principal debtor - On appeal, held: Order of High Court not justified - Liability of guarantor and principal debtor are co-extensive and not alternative - Industrial Reconstruction Bank of India Act, 1984 - s. 40…
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