Insolvency Process – Payment of debt – Proceedings under Section 7 of the Code can be initiated against a corporate person in respect of guarantee to the loan amount secured by person not being a corporate person, in case of default in payment of such a debt.
SUPREME COURT OF INDIA FULL BENCH LAXMI PAT SURANA — Appellant Vs. UNION BANK OF INDIA AND ANOTHER — Respondent ( Before : A.M. Khanwilkar, B.R. Gavai and Krishna Murari,…