https://www.taxtmi.com/caselaws?id=288331 A foreign decree on a debt and an on-demand guarantee may be relied on to show a prima facie debt and default in a section 7 IBC application, and the creditor need not first exhaust remedies against the principal borrower before proceeding against the guarantor. The Tribunal held that the decree, obtained after due service and on the merits, could be taken cognizance of for insolvency purposes, and that objections based on foreign creditor status, filing through an authorised representative, pendency of proceedings against the borrower, and collateral challenge to the foreign decree did not bar admission. The petition was admitted, CIRP was directed to commence, an interim resolution professional was appointed, and moratorium was ordered. en-us Fri, 27 Apr 2018 00:00:00 +0530 Tue, 02 Jun 2020 01:37:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=288331 A foreign decree on a debt and an on-demand guarantee may be relied on to show a prima facie debt and default in a section 7 IBC application, and the creditor need not first exhaust remedies against the principal borrower before proceeding against the guarantor. The Tribunal held that the decree, obtained after due service and on the merits, could be taken cognizance of for insolvency purposes, and that objections based on foreign creditor status, filing through an authorised representative, pendency of proceedings against the borrower, and collateral challenge to the foreign decree did not bar admission. The petition was admitted, CIRP was directed to commence, an interim resolution professional was appointed, and moratorium was ordered. Case-Laws Insolvency and Bankruptcy Fri, 27 Apr 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=288331