https://www.taxtmi.com/caselaws?id=401045 The Tribunal allowed the appeal, quashing the Impugned Order and directing the Adjudicating Authority to admit the application against the Corporate Guarantor. The decision emphasized the permissibility of simultaneous Corporate Insolvency Resolution Process (CIRP) proceedings against Principal Borrowers and Corporate Guarantors under the Insolvency and Bankruptcy Code, aligning with the amended provisions and recommendations from the Insolvency Law Committee. Coordination and proper adjustment of claims were highlighted as essential through the appointment of the same Interim Resolution Professional or Resolution Professional for both CIRP proceedings. en-us Tue, 24 Nov 2020 00:00:00 +0530 Tue, 16 Nov 2021 14:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=401045 The Tribunal allowed the appeal, quashing the Impugned Order and directing the Adjudicating Authority to admit the application against the Corporate Guarantor. The decision emphasized the permissibility of simultaneous Corporate Insolvency Resolution Process (CIRP) proceedings against Principal Borrowers and Corporate Guarantors under the Insolvency and Bankruptcy Code, aligning with the amended provisions and recommendations from the Insolvency Law Committee. Coordination and proper adjustment of claims were highlighted as essential through the appointment of the same Interim Resolution Professional or Resolution Professional for both CIRP proceedings. Case-Laws Insolvency and Bankruptcy Tue, 24 Nov 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=401045