Supreme Court · 2022 INSC 926 · Decided 6 September 2022
K. Paramasivam v. The Karur Vysya Bank LTD. & ANR.
- Court
- Supreme Court of India
- Citation
- 2022 INSC 926 · [2022] 18 S.C.R. 100
- Case number
- CIVIL APPEAL No. 9286/2019
- Decided
- 6 September 2022
- Bench
- INDIRA BANERJEE, J.K. MAHESHWARI (2-judge bench)
- Outcome
- Dismissed
- Case type
- Civil
- Acts & sections cited
- Companies Act Section 2; IBC Section 3(7), 3(8), 5(5A), 7, 62
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 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
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