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Supreme Court of India

Laxmi Pat Surana v. Union Bank of India & Anr.

Neutral citation
Reported as [2021] 2 S.C.R. 924
Bench A. M. Khanwilkar, B. R. Gavai and Krishna Murari JJ.
Decided 26 March 2021

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 proces s by financial creditor – Application for initiating CIR P by Financial Creditor-Bank u/s. 7 against a corporate person (being a corpora te debtor) concerning guarantee offered by it in respe ct of a loan account of the principal borrower, who had committed default and is not a “corporate person” within the meaning of t he Code – Maintainability of – Held: Right or cause of action would e nure to the lender (financial creditor) to proceed against the principal borrower, as well as the guarantor

Authorities it was built on

Where later benches applied it

Of those, 1 relied on · 2 referred to

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