https://www.taxtmi.com/caselaws?id=373414 The Tribunal held that the appeal by the suspended Board of Directors of the Corporate Debtor was not maintainable. It clarified that insolvency proceedings could be initiated against a corporate guarantor without first proceeding against the principal debtor. The Tribunal also ruled that consortium banks need not be impleaded at the initial stage of the application under Section 7 of the I&B Code. Moreover, it emphasized that a dispute over the quantum of debt does not impact the admission of the application. The appeals were dismissed, affirming the maintainability of the application against the corporate guarantor independently. en-us Tue, 08 Jan 2019 00:00:00 +0530 Thu, 07 Feb 2019 11:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=373414 The Tribunal held that the appeal by the suspended Board of Directors of the Corporate Debtor was not maintainable. It clarified that insolvency proceedings could be initiated against a corporate guarantor without first proceeding against the principal debtor. The Tribunal also ruled that consortium banks need not be impleaded at the initial stage of the application under Section 7 of the I&B Code. Moreover, it emphasized that a dispute over the quantum of debt does not impact the admission of the application. The appeals were dismissed, affirming the maintainability of the application against the corporate guarantor independently. Case-Laws Insolvency and Bankruptcy Tue, 08 Jan 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=373414