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7 We find no merit in the aforesaid contention for more than one reason.

8 It is more than settled that the guarantor's liability is co­extensive with that of the principal debtor under Section 128 of the Indian Contract Act, unless it is otherwise provided by the contract.

9 The Three­Judge Bench of the Hon'ble Supreme Court in State Bank of India vs M/s Indexport Registered and others, (1992) 3 SCC 159, has held as under:

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"[12] The Court further held that such directions are neither .
justified under Order XX Rule 11(1) or under the inherent powers of the Court under Section 151 of the Code of Civil Procedure to direct postponement of the execution of the decree.
[13] In the present case before us the decree does not postpone the execution. The decree is simultaneous and it is jointly and severally against all the defendants including the guarantors. It is the right of the decree holder to proceed with it in a way he likes. Section 128 of the Indian Contract Act itself provides that "the liability of the surety is co­extensive with that of the principal debtor, unless it is otherwise provided by the contract.

11 Similar reiteration of law can be found in the judgment of the Hon'ble Supreme Court in Industrial Investment Bank of India vs. Biswanath Jhunjhunwala, (2009) 9 SCC 478.

12 At this stage, it would be apposite to refer to a judgment of the Hon'ble Supreme Court in Ram Kishun and others vs State of Uttar Pradesh and others, (2012) 11 SCC 511, wherein it was held as under:

"10. There can be no dispute to the settled legal proposition of law that in view of the provisions of Section 128 of the Indian Contract Act, 1872 (hereinafter called the 'Contract Act'), the .
[12] Section 146 of the Contract Act provides that co­sureties are liable to contribute equally. Thus, in case there are more than one surety/guarantor, they have to share the liability equally unless the agreement of contract provides otherwise."
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13 Thus, what can be taken to be settled on the basis of .