Wednesday, 4 June 2014

HC admitted winding up plea against guarantor co. on its failure to honour liability of its sister c

CL: Where respondent-company, in its capacity as a guarantor of its sister concern, confirmed that it would be paying amount which otherwise its sister concern was liable to pay, only obligation of respondent under agreement was to make payment and respondent-company could not be discharged of its liability by petitioner having given up its right of lien


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