Supreme Court of India
K. Paramasivam v. The Karur Vysya Bank Ltd. & Anr.
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1 Supreme Court bench has cited this judgment.
From the headnote
Insolvency and Bankruptcy Code, 2016: ss. 3(7), 3(8), 5(5A), 7, 62 – Initiation of Corporate Insolvency Resolution Process-CIRP – Borrowers failed to repay the debts to financial creditor – Application u/s. 7 by the financial creditor for initiating CIRP against corporate debtor; and that corporate guarantor liable to re-pay loan having extended guarantee for the loans availed by borrowers – Guarantor’s case that they were not corporate debtors – Application admitted by NCLT and upheld by NCLAT – On appeal, held: Liability of the guarantor is co-extensive with that of the principal borrower…
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