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HomeCompany & PMLAPromoter’s Fund-Infusion Undertaking Is Not a Corporate Guarantee Under Contract Law: Supreme...

Promoter’s Fund-Infusion Undertaking Is Not a Corporate Guarantee Under Contract Law: Supreme Court

Company & PMLA

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By Mariya Paliwala
Promoter’s Fund-Infusion Undertaking Is Not a Corporate Guarantee Under Contract Law: Supreme Court

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The Supreme Court has held that a promoter’s undertaking to infuse funds into a borrower company to meet financial covenants does not amount to a contract of  corporate guarantee under Section 126 of the Indian Contract Act, 1872.  The bench of Justice Sanjay Kumar and Justice Alok Aradhe has observed that approval of a resolution…

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Mariya Paliwala
Mariya Paliwalahttps://www.jurishour.in/
Mariya is the Senior Editor at Juris Hour. She has 7+ years of experience on covering tax litigation stories from the Supreme Court, High Courts and various tribunals including CESTAT, ITAT, NCLAT, NCLT, etc. Mariya graduated from MLSU Law College, Udaipur (Raj.) with B.A.LL.B. and also holds an LL.M. She started her career as a freelance tax reporter in the leading online legal news companies.

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