Supreme Court · 2009 INSC 1053 · Decided 18 August 2009
Industrial Investment Bank of India LTD. v. Bishwanath Jhunjhunwala
- Court
- Supreme Court of India
- Citation
- 2009 INSC 1053 · [2009] 13 S.C.R. 391
- Case number
- CIVIL APPEAL No. 4613/2000
- Decided
- 18 August 2009
- Bench
- DALVEER BHANDARI, H.L. DATTU (2-judge bench)
- Outcome
- Appeal(s) allowed
- Case type
- Civil
- Acts & sections cited
- Constitution Article 227; Specific Relief Act
Headnote
A B Debt - Recovery of - Liability of guarantor vis-a-vis principal debtor - Default in loan payment - Lending Bank initiating proceedings against principal debtor as well as C guarantor in different forums - High Court in exercise of jurisdiction under Article 227 of Constitution proceedings before Tribunal till the right of the lending Bank was established against the principal debtor - On appeal, held: Order of High Court not justified - Liability of guarantor D and principal debtor are co-extensive and not alternative - Industrial Reconstruction Bank of India Act, 1984
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