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        Case ID :
        Insolvency and Bankruptcy

        CIRP - If there are two borrowers or if two corporate bodies...

        Section 7 IBC allows proceedings against two corporate debtors, but full debt recovery from one ends further claims.

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                          Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                            Provisions expressly mentioned in the judgment/order text.
                                CIRP - If there are two borrowers or if two corporate bodies fall within the ambit of corporate debtors, there is no reason why proceedings under Section 7 of the IBC cannot be initiated against both the Corporate Debtors. Needless to mention, the same amount cannot be realised from both the Corporate Debtors. If the dues are realised in part from one Corporate Debtor, the balance may be realised from the other Corporate Debtor being the co-borrower. However, once the claim of the Financial Creditor is discharged, there can be no question of recovery of the claim twice over. - SC
                                Note: It is a system-generated summary and is for quick reference only.
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