Even if Corporate Debtor issued guarantee in recovery proceeding for the financial debt of third party & in default the said guarantee/s have been invoked by the Financial Creditor, the Corporate Debtor is liable to pay the amount being amount of liability in respect of guarantee issued which falls in the definition of Section 5(8)(i) of IBC – Ascot Realty Private Limited Vs. Ajay Kumar Agarwal, IRP of RDH Technologies Private Limited – NCLAT New Delhi

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