Supreme Court of India
Central Bank of India v. Virudhunagar Steel Rolling Mills Ltd. & Ors.
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.
What the Court ordered
In view of the foregoing discussion, there appears to be no controversy as to the fact that the Guarantee Deeds D executed by Respondent Nos. 2 to 4 on 30.8.197 4 rendered them personally liable for any transactions or advances made by the Appellant Bank to the Respondent Company after 30.8.197.
Judgment, page 6
From the headnote
Bank/Banking: Credit facilities taken by respondent c company from appellant-bank - On 30. 8. 197 4, respondent nos.2 to 4, the Directors of the respondent company gave personal guarantee - Held: Liabilities incurred by the respondent company prior to the execution of personal guarantees by respondent nos.2 to 4 were not recoverable from the latter. Dismissing the appeal, the Court HELD: The Guarantee Deeds executed by Respondent Nos.2 to 4 on 30.8.1974 rendered them personally liable for any transactions or advances made l>Y the appellant Bank to the Respondent Company after 30.8.197 4. The
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