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NCLT Ahmedabad Admits CIRP Against JSW Subsidiary, Holds Guarantor Liability Co-extensive With Borrower

The Ahmedabad Bench of the National Company Law Tribunal (NCLT) on 17 June held that insolvency proceedings against a corporate guarantor cannot be made conditional on the realisation of assets of the principal borrower and reaffirmed that a guarantor’s liability remains co-extensive with that of the principal debtor under Section 128 of the Indian Contract…

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