Khemlani, Suresh v Topaz Jewellers Limited, Khemlain, Raju, Topaz Investments Limited and Issar Company Limited et al

Case Number: 
2017 CD 00277
Neutral Citation: 
[2018] JMCC Comm 47
Date of Delivery: 
20.12.2018

Loan contract – Monies borrowed for the benefit of interrelated companies – Each company receiving a separate portion of the loan with obligation to repay that portion with interest – Corporate and cross guarantees signed by each company – Separate personal guarantees also provided for the said loan by two individuals – Loan in default – Guarantors called on by the bank to honour the guarantee – Loan repaid by one guarantor – One individual guarantor seeking to claim from the other an indemnity under the guarantee – Whether guarantor obliged to sue the principal debtors first – Whether loan was individual debt or group debt – Whether principal debtor solvent.