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Failure on part of guarantor to pay back advances taken by debtor would be financial debt

March 28, 2019[2019] 105 171 (NCLT - Kolkata)

IBC: Where a creditor made advance payment under coal purchase agreement with a third party and respondent as guarantor agreed to pay back advance on third party debtor's failure to supply coal, but respondent guarantor failed to do so, same would give rise to financial debt; merely because shares were pledged by guarantor to creditor would not be bar to make such a due a financial debt

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