1. Revocation of a judgment of the first instance;

2. Seoul Central District Court 2012 Ma4365 (2012 Ma185).

1. Basic facts

A. The status D Co., Ltd. (hereinafter referred to as “D”) is the executor of the instant golf course development project in Hongcheon-gun E-ri, Hongcheon-gun (hereinafter “instant project”), F Co., Ltd. (hereinafter “F”) is the contractor of the instant project, and D is a F’s special purpose corporation (SPC).

B. On December 28, 2011, D entered into the instant loan agreement with the Defendant to borrow money within the scope of KRW 25 billion from the date of withdrawal for the purpose of carrying out the instant project (hereinafter “instant loan agreement”) (hereinafter “instant loan agreement”).

(2) The loan agreement of this case includes the content that D is required to receive a loan within the limit of 20 billion won from H Co., Ltd. other than the Defendant, but only the content between D and the Defendant related to this case. According to Article 10(2)(1) of the loan agreement of this case, F is jointly and severally guaranteed the Defendant with D’s above loan obligations. According to Article 10(2)(1) of the loan agreement of this case, the Defendant may claim F to F for the performance of all or part of the guaranteed obligation under the loan agreement of this case at the same time or in sequential order. (2) Furthermore, according to Article 13(1)(4) of the loan agreement of this case, “when D or F becomes insolvent, or when D or F becomes dissolved, or when rehabilitation procedures, bankruptcy procedures, bankruptcy procedures, etc. under the Debtor Rehabilitation and Bankruptcy Act (hereinafter “Bankruptcy Act”) have been applied for the discharge of the principal of this case’s loan of this case, it constitutes a cause for nonperformance, and according to Article 13(2)(1)(2)(1)(2)(3) proviso) of the loan agreement of this case.