The National Company Law Tribunal Kolkata comprising Smt. NCLT Verdict: The NCLT Kolkata admitted the CIRP application and held that a simultaneous CIRP can be initiated against Principal Borrower and Corporate Guarantor under IBC. In cases where the corporate person had offered guarantee in respect of loan transaction, the right of the financial creditor to initiate action against such entity …
In any financial transaction pertaining to granting loans to the corporates, one of the most conventional methods adopted by banks and financial institutions include obtaining a guarantee from either the promoter or the holding/group companies of such corporate. The question on initiation of Corporate Insolvency Resolution Process against two Corporate Debtors for the same set of debt obligations arising out …
