Settlement In Principal Borrower’s CIRP Does Not Extinguish Corporate Guarantor’s Liability: NCLT Kochi

The National Company Law Tribunal (NCLT) at Kochi has ruled that a settlement reached during the insolvency proceedings of a principal borrower does not, by itself, prevent insolvency proceedings against its corporate guarantor. The settlement must specifically release the guarantor from its obligations for it to have that effect. The tribunal observed, “any arrangement or…

UCA ordered into liquidation

Logo of United Cooperative Assurance Co. (UCA) United Cooperative Assurance Co. (UCA) said it had received a ruling from the Ninth Commercial Circuit of the Commercial Court in Riyadh ordering the opening of liquidation proceedings against the company. The court also appointed Marei Al-Omari as trustee to carry out the functions, powers, and duties set out…