https://www.taxtmi.com/caselaws?id=399412 The Tribunal rejected the application for the initiation of Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor under Section 7 of the Insolvency & Bankruptcy Code. Relying on the Piramal Judgment, which prohibits filing claims in two separate CIRPs for the same debt, the Tribunal dismissed the petition since CIRP against the Principal Borrower was already admitted. The claim against the Corporate Debtor for the same debt was not entertained, and the petition was dismissed without costs. The Tribunal ordered communication of the decision to both the Financial Creditor and the Corporate Debtor. en-us Fri, 28 Feb 2020 00:00:00 +0530 Sat, 10 Oct 2020 11:48:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=399412 The Tribunal rejected the application for the initiation of Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor under Section 7 of the Insolvency & Bankruptcy Code. Relying on the Piramal Judgment, which prohibits filing claims in two separate CIRPs for the same debt, the Tribunal dismissed the petition since CIRP against the Principal Borrower was already admitted. The claim against the Corporate Debtor for the same debt was not entertained, and the petition was dismissed without costs. The Tribunal ordered communication of the decision to both the Financial Creditor and the Corporate Debtor. Case-Laws Insolvency and Bankruptcy Fri, 28 Feb 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=399412