this section, the secured creditor shall be entitled to proceed against the guarantors or sell the pledged assets without first taking any of the measures
follows:
"In consideration of the premises
the Guarantor hereby
unconditionally and irrevocably
undertake to pay to the Purchaser
on their first written demand ... representing 5% (five per cent) of
the contract price, and if the
guarantor fails to pay the sum on
demand the guarantor shall also
payment of the sale price of goods or as a guarantor for such collection or payment, and every local branch or office in a State
Jatinder Mohan. The said Jatinder Mohan furnished
security of five guarantors including the respondent-
complainant who in turn deposited Fixed Deposit Receipts
(FDRs) worth ... default temporary or otherwise in such payment by
the borrower. The guarantors further agreed that the bank
may enforce the guarantee without enforcing, selling
resolution of corporate debtors and personal
3 AIR 2017 SC 4084
15
guarantors are concerned, any order passed by the NCLT is
appealable to NCLAT ... insolvency
resolution and liquidation for corporate persons
including corporate debtors and personal guarantors
thereof shall be the National Company Law Tribunal
having territorial jurisdiction over
Mortgage, dated 9th December, 2009, was
made by Ackruti City Ltd. as guarantor. Ackruti City Ltd. has since become
Hubtown Ltd., the Respondent-defendant. IDBI ... connection with any default on the part of the Guarantor or on the
part of the Issuers in making such payment and including in connection
directors is interested as partner of managing agent or guarantor or to individuals in cases where any of its directors is a guarantor ... directors is interested as director or managing agent or guarantor. (3) If, on examination of any return submitted under sub-section (2), it appears
other company and also on the shareholders, creditors and guarantors and employees of the said companies.] [ Substituted by Act 12 of 1994, Section
appears to be a conditional one and
"under the documents the guarantor is entitled to know that the
appellant has failed to conduct ... herein below :
" Clause 1 : In consideration of the
above premises, the Guarantor hereby
undertakes to pay to the purchasers
within 30 days of demand
Bank of India defendant
12 hereinafter referred to
504
as the 'guarantor') in favour of defendants 4 and 5 to 11
(hereinafter referred ... lenders') are void and for
an order of injunction restraining the guarantor from making
payments under the guarantees to the 'lenders
