https://www.taxtmi.com/highlights?id=52581 Initiation of CIRP - if the ‘Contract of Guarantee’ itself mentions that the liability of a Guarantor will be independent and separate than that of ‘Principal Debtor’s liability, then an application against the Guarantor as per Section 7 is maintainable. The only rider will be that a Creditor is not permitted to do the same, sue the principal Debtor and claim in the Guarantor’s Insolvency at the same time. - AT en-us Fri, 27 Mar 2020 10:04:34 +0530 Fri, 27 Mar 2020 10:04:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=52581 Initiation of CIRP - if the ‘Contract of Guarantee’ itself mentions that the liability of a Guarantor will be independent and separate than that of ‘Principal Debtor’s liability, then an application against the Guarantor as per Section 7 is maintainable. The only rider will be that a Creditor is not permitted to do the same, sue the principal Debtor and claim in the Guarantor’s Insolvency at the same time. - AT Highlights Insolvency and Bankruptcy Fri, 27 Mar 2020 10:04:34 +0530 https://www.taxtmi.com/highlights?id=52581