Dear all,
What would typically be the steps when you want to enforce a corporate guarantee? specifically, any provisions of CPC to be applicable when approaching the court. etc. Any info in this regard will be appreciated.
Kimaya Singh (Student) 07 August 2012
Dear all,
What would typically be the steps when you want to enforce a corporate guarantee? specifically, any provisions of CPC to be applicable when approaching the court. etc. Any info in this regard will be appreciated.
c.p.s. ramachary (1500) 10 August 2012
Corporate guarantee is like any other guarantee executed by an individual. It is supported by Board Resolution of the company. For filing claim below ten lacs it is civil court according to Order 6 Rule 7 of C.P.C. If the amount of claim is ten lacs and above it is to be filed in DRT as per Sec.19 of RDDB & FI Act 1993. If the Corporate guarantee stipulates a condition for service of notice before filing claim, it would be appropriate to serve notice to the company which gave the corporate guarantee.
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