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Failure of guarantor to discharge obligation couldn't amount to default of financial debt under settlement agreement

April 7, 2021[2021] 125 taxmann.com 406 (NCL-AT)
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IBC : Where under a settlement agreement between guarantor and lender in which principal borrower was not a party, guarantor took obligation to discharge liability of principal borrower, failure of guarantor to discharge obligation could not amount to default of financial debt so as to initiate CIRP against guarantor

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