The NCLT has inter alia held that the date of default with respect to a corporate guarantor is the date on which the guarantor fails to make payment after being called upon to pay, and that the date of default of the principal borrower is not relevant for determining the date of default of the corporate guarantor.

In this case, the NCLT rejected the argument of the corporate debtor that since the date of default by the principal borrower fell within the section 10A period, the petition was not maintainable against the corporate guarantor also.