Date of Default of Corporate Guarantor is Independent of Principal Borrower’s Date of Default: NCLT [Read Order]

The date of default of corporate guarantor is independent of principal borrower's date of default, rules NCLT
By Kalyani B. Nair - On February 6, 2024 11:05 am - 2 mins read
NCLT - NCLT Mumbai - Corporate Guarantor - Date of loan agreements - Borrower - Principal Borrower - TAXSCAN

The Mumbai Bench of the National Company Law Tribunal ( NCLT ) ruled that the date of default of corporate guarantor is independent of the principal borrower’s date of default. The Company Petition is filed under section 7 ( “the Petition” ) of the Insolvency and Bankruptcy Code, 2016 ( IBC ) by Central Bank…

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