Supreme Court of India
Laxmi Pat Surana v. Union Bank of India & Anr.
INSC stands for INDIAN SUPREME COURT. A neutral citation scheme assigned by the Court itself, so a judgment can be cited without depending on a commercial law reporter. INSC is the neutral citation scheme assigned by the Supreme Court, so a judgment can be cited without depending on a commercial law reporter.
3 Supreme Court benches have cited this judgment.
What the Court ordered
We hold that it is admission of debt and his only defense is that it is yet to become due and payable.
Judgment, page 24
From the headnote
Insolvency and Bankruptcy Code, 2016: s. 7 - Initiation of corporate insolvency resolution process by financial creditor – Application for initiating CIRP by Financial Creditor-Bank u/s. 7 against a corporate person (being a corporate debtor) concerning guarantee offered by it in respect of a loan account of the principal borrower, who had committed default and is not a “corporate person” within the meaning of the Code – Maintainability of – Held: Right or cause of action would enure to the lender (financial creditor) to proceed against the principal borrower, as well as the guarantor in…
Authorities it was built on
- 2019 K. Sashidhar v. Indian Overseas Bank & Ors.
- 2018 B.K. Educational Services Private Limited v. Parag Gupta and Associates
- 2020 Babulal Vardharji Gurjar v. Veer Gurjar Aluminium Industries Pvt. Ltd. & Anr.
- 2019 Vashdeo R Bhojwani v. Abhyudaya Co-operative Bank Ltd & Anr.
- 2019 Jignesh Shah & Anr. v. Union of India & Anr.
- 2019 Gaurav Hargovindbhai Dave v. Asset Reconstruction Company (india) Ltd. & Anr.
- 1968 Bank of Bihar Ltd. v. Damodar Prasad & Anr.
- 2019 M/s Shanti Conductors (p) Ltd. v. Assam State Electricity Board and Ors. Review Petition (c) Nos. 786787 of 2019 in
Where later benches applied it
- 2022 K. Paramasivam v. The Karur Vysya Bank Ltd. & Anr.
- 2025 Il & Fs Financial Services Limited v. Adhunik Meghalaya Steels Private Limited
- 2024 Brs Ventures Investments Ltd. v. Srei Infrastructure Finance Ltd. & Anr.
Of those, 1 relied on · 2 referred to
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