https://www.taxtmi.com/caselaws?id=393988 A financial creditor may proceed under Section 7 of the Insolvency and Bankruptcy Code against a corporate guarantor because the guarantor's liability is co-extensive with that of the principal debtor. However, where a Section 7 application for the same debt and default has already been admitted against the principal borrower, a second application on the same claim against the corporate guarantor is not maintainable. On the stated facts, the application against the principal borrower had already been admitted, so the Section 7 petition against the corporate guarantor was liable to be dismissed. en-us Thu, 23 Jan 2020 00:00:00 +0530 Fri, 27 Mar 2020 10:04:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=393988 A financial creditor may proceed under Section 7 of the Insolvency and Bankruptcy Code against a corporate guarantor because the guarantor's liability is co-extensive with that of the principal debtor. However, where a Section 7 application for the same debt and default has already been admitted against the principal borrower, a second application on the same claim against the corporate guarantor is not maintainable. On the stated facts, the application against the principal borrower had already been admitted, so the Section 7 petition against the corporate guarantor was liable to be dismissed. Case-Laws Insolvency and Bankruptcy Thu, 23 Jan 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=393988