https://www.taxtmi.com/caselaws?id=350826 Axis Bank's claim was rejected by the Resolution Professional as the corporate guarantee had not been invoked before the insolvency commencement date. The Tribunal held that claims must exist as of the commencement date to be verified. The invocation of the guarantee post-commencement was deemed unenforceable during the moratorium period. Axis Bank's non-disclosure of material facts and simultaneous claims against the borrower and guarantor were also noted. The application was dismissed, emphasizing that only claims existing at the commencement date could be admitted, leading to the rejection of Axis Bank's claim with no costs awarded. en-us Fri, 27 Oct 2017 00:00:00 +0530 Wed, 03 Jan 2018 12:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=350826 Axis Bank's claim was rejected by the Resolution Professional as the corporate guarantee had not been invoked before the insolvency commencement date. The Tribunal held that claims must exist as of the commencement date to be verified. The invocation of the guarantee post-commencement was deemed unenforceable during the moratorium period. Axis Bank's non-disclosure of material facts and simultaneous claims against the borrower and guarantor were also noted. The application was dismissed, emphasizing that only claims existing at the commencement date could be admitted, leading to the rejection of Axis Bank's claim with no costs awarded. Case-Laws Insolvency and Bankruptcy Fri, 27 Oct 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=350826