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PAMIDIGHANTAM SRI NARASIMHA, ALOK ARADHE
State Bank of India – Appellant
Versus
Doha Bank Q. P. S. C. – Respondent
Key Points: - (!) - (!) - (!) - (!) - (!) - (!) - (!) - (!) - (!) - (!)
| Table of Content |
|---|
| 1. ibc appeal challenges corporate guarantee enforceability. (Para 1 , 2) |
| 2. loans advanced, npa declared, guarantees executed. (Para 3 , 4 , 5 , 6) |
| 3. cirp started; guarantees invoked, initially disputed. (Para 7 , 8 , 9 , 10) |
| 4. tribunals rejected claims citing validity defects. (Para 11 , 12 , 13 , 14 , 15) |
| 5. appellants assert guarantees as valid financial debt. (Para 16 , 17) |
| 6. respondents claim guarantees invalid, unstamped, undisclosed. (Para 18 , 19) |
| 7. issues on debt status, claim rejection, interference. (Para 20 , 21) |
| 8. guarantee liability qualifies as financial debt; admitted. (Para 22 , 23) |
| 9. restructured npa reckoned from initial default date. (Para 24) |
| 10. non-disclosure in statements does not bar claims. (Para 25) |
| 11. rp verified guarantees; appellate production permissible. (Para 26 , 27) |
| 12. stamp defect curable, does not invalidate instrument. (Para 28) |
| 13. debt affirmed; tribunal findings perverse, interfered. (Para 29 , 30) |
| 14. appeal allowed; appellants deemed financial creditors. (Para 31 , 32 , 33) |
JUDGMENT :
ALOK ARADHE, J.
1. This appeal under Section 62 of the Insolvency and Bankruptcy Code, 2016 (Code) has been preferred by SBI Consortium comprisin
Corporate guarantees constitute financial debt under IBC Section 5(8); challenges on timing, non-disclosure, verification, and stamping rejected; tribunals' perverse findings warrant Supreme Court in....
The absence of a formal deed of guarantee precludes liability for financial debt under the Insolvency Code, rendering the application for insolvency resolution not maintainable.
Liability of guarantor is co-extensive with that of Principal Borrower. CIRP can be initiated against a corporate entity who has given a guarantee to secure dues of a non-corporate entity once borrow....
(1) Initiation of Corporate Insolvency Resolution Proceeding – Action under Section 7 of Code could be legitimately invoked even against a (corporate) guarantor being a corporate debtor.(2) Principal....
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