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 liab le to re-pay loan having extended guarantee for the loans availed by borrowers – Guarantor’s case that they were not corporate deb tors – Application admitted by NCLT and upheld by NCLAT – On appeal, held: Liability of the guarantor is co-extensive wi th that of the principal
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