In a significant order, the National Company Law Tribunal (NCLT), Kolkata Bench, admitted Section 7 application against the corporate debtor, which was represented by our firm.
It was held that the corporate guarantor’s liability is co-extensive with the principal borrower reaffirming principles laid down in Laxmi Pat Surana v. Union of India & Anr. reported in (2021) 8 SCC 481.
The decision is of valuable significance on limitation and the treatment of corporate guarantees under the Insolvency and Bankruptcy Code,2016.
The petitioner, was represented by our team comprising of :
Krishnaraj Thaker , Senior Advocate
Sreenita Ghoshdastidar , Partner
Sneha Singhania , Senior Associate
Harshvardhan Gupta, Associate
