https://www.taxtmi.com/caselaws?id=293962 The appeal was dismissed as the delay in filing was condoned, the application under Section 7 was rejected due to the Corporate Debtor acting as a Guarantor, and simultaneous applications against the Principal Borrower and Corporate Guarantor were deemed impermissible. The Tribunal clarified that only one proceeding can be initiated for the same claim and default. Additionally, it was held that two companies cannot undergo liquidation for the same claim. The classification of the Corporate Debtor as a Non-Banking Financial Company was upheld, resulting in the rejection of the application. No costs were awarded in this case. en-us Thu, 09 Jan 2020 00:00:00 +0530 Fri, 12 Mar 2021 08:36:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=293962 The appeal was dismissed as the delay in filing was condoned, the application under Section 7 was rejected due to the Corporate Debtor acting as a Guarantor, and simultaneous applications against the Principal Borrower and Corporate Guarantor were deemed impermissible. The Tribunal clarified that only one proceeding can be initiated for the same claim and default. Additionally, it was held that two companies cannot undergo liquidation for the same claim. The classification of the Corporate Debtor as a Non-Banking Financial Company was upheld, resulting in the rejection of the application. No costs were awarded in this case. Case-Laws Insolvency and Bankruptcy Thu, 09 Jan 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=293962