The dues of Central Board of Indirect Taxes & Customs will be paid as per the waterfall stipulated under Section 53 of the Insolvency and Bankruptcy Code, 2016 – Principal Commissioner of Customs Vs. Rajendra Prasad Tak etc. – Supreme Court

Guarantor cannot but be stated to be a strict liability & even if the principal debtor is discharged from his liability unless such discharge is through the act of the creditor without consent of the surety/guarantor, the creditor’s right of action against the surety is preserved-Industrial Finance Corporation Of India Ltd. Vs. Thletdc.An&Naonrosr.E Spinning & Weaving Mills -Supreme Court

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Liability of Guarantor and Principle Debtor/ Borrower is co-extensive and not in alternative – Industrial Investment Bank of India Ltd. Vs. Bishwanath Jhunjhunwala – Supreme Court

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A discharge which the principal debtor may secure by operation of law in bankruptcy or in liquidation proceedings in the case of a company does not absolve the surety of his liability-Maharashtra State Electricity Board, Bombay Vs. Official Liquidator, High Court, Ernakulam, Anr. -Supreme Court

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In continuing guarantee the period of limitation will commence to run only from the date of breach – Margaret Lalita Samuel Vs. Indo Commercial Bank Ltd. – Supreme Court

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A guarantor may join the principal debtor in executing the promissory note he will not be a co-obligant where the underlying transaction & the conduct of the parties show that he is a surety under Sec. 126 of the Contract Act-S. Chattanatha Karayalar Vs. The Central Bank Of India And Others -Supreme Court

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Surety has no right to dictate terms to the creditor & ask him to pursue his remedies against the principal in the first instance – Bank of Bihar Ltd. Vs. Damodar Prasad and Anr. – Supreme Court

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Refusal of registration of the reference sought by a Company by the Registrar, Secretary/Chairman of the BIFR was non-est in law- Bank of New York Mellon London Branch Vs. Zenith Infotech Ltd.- Supreme Court

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Against an order rejecting an application for review, a Special Leave Petition is not maintainable – Suseel Finance & Leasing Co. Vs. M. Lata & Ors. – Supreme Court

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