C-Corp. entered into a contract with D-Inc. for the construction of the D-Inc.'s production warehouse. In consideration thereof, D-Inc. was obliged to pay C-Corp. the amount of 50,000,000 within a period of one month from the time of the project's completion. To secure the payment of the said sum, D-Inc. entered into a surety agreement with S-Company, with S-Company holding itself joint and solidarily liable for the obligation with D-Inc.

After more than a month from the completion date of the project, C-Corp. remained unpaid. Claiming that it was suffering from serious financial reverses, D-Inc. asked C-Corp. for an extension of three months to pay the 50,000,000 it still owed, to which C-Corp. agreed. However, after more than three months, D-Inc. still refused to pay. So, C-Corp. proceeded to collect the above sum from S-Company.

For its part, S-Company refused to pay the claim and raised the defense that the extension of time granted by C-Corp. to D-Inc. without its consent released it from liability.

Is the extension of the time to pay given to D-Inc. equivalent to a novation of the original contract between C-Corp. and D-Inc.? Yes or no. Explain your answer.