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Showing contexts for: paripassu in Financial Corporation Act vs Unknown on 4 February, 1983Matching Fragments
https://www.mhc.tn.gov.in/judis
6. The first respondent is the principal borrower and excepting for the respondent No.5, all other respondents are the guarantors. The respondent No.5 is a formal party, as there is a “Paripassu Arrangement” between the petitioner and the fifth respondent. The fifth respondent is also interested in recovering money from the first respondent and its guarantors. No relief has been sought for against the fifth respondent in this petition.
14. Insofar as the 5th respondent is concerned, they are only a formal party, as there is a “Paripassu Arrangement” between them and the petitioner with regard to the loan availed by the first respondent Company and its repayment. Therefore, the petition as against the 5th respondent is dismissed and petition as against the respondents No.1 to 4 is allowed as prayed for.