https://www.taxtmi.com/caselaws?id=287050 A Section 7 insolvency petition against a corporate guarantor alone was treated as not maintainable where the creditor had already obtained a civil decree against the principal borrower and other guarantors, and that decree was still under review. The Tribunal viewed the isolated insolvency action as creating parallel proceedings, especially because the borrower and other guarantors were not brought into the insolvency process. It also noted the lapse of time and the pending review on issues linked to the decree and arbitral clause. The petition was dismissed. en-us Fri, 05 Jul 2019 00:00:00 +0530 Thu, 26 Mar 2020 09:42:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=287050 A Section 7 insolvency petition against a corporate guarantor alone was treated as not maintainable where the creditor had already obtained a civil decree against the principal borrower and other guarantors, and that decree was still under review. The Tribunal viewed the isolated insolvency action as creating parallel proceedings, especially because the borrower and other guarantors were not brought into the insolvency process. It also noted the lapse of time and the pending review on issues linked to the decree and arbitral clause. The petition was dismissed. Case-Laws Insolvency and Bankruptcy Fri, 05 Jul 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=287050