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        Case ID :
        Insolvency and Bankruptcy

        Corporate insolvency resolution process (CIRP) initiated against...

        CIRP against debtor & guarantor. Creditor loan secured by guarantee. Guarantor CIRP, haircut. Creditor filed Sec 7 for remaining dues against debtor.

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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.
                                Corporate insolvency resolution process (CIRP) initiated against corporate debtor and corporate guarantor. Financial creditor granted loan to corporate debtor, secured by corporate guarantee. CIRP completed for corporate guarantor, creditor accepted haircut. Creditor filed Section 7 application against corporate debtor for remaining dues. Held: Liability of guarantor and principal debtor co-extensive. Creditor can proceed against either. Corporate debtor's liability not extinguished by CIRP of guarantor. Creditor subrogated to rights of guarantor against corporate debtor u/s 140 of Contract Act, limited to amount recovered from guarantor. Application maintainable for remaining dues. Appeal dismissed.
                                Note: It is a system-generated summary and is for quick reference only.
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