https://www.taxtmi.com/caselaws?id=295890 A second section 7 application under the Insolvency and Bankruptcy Code against a corporate guarantor for the same debt and default was held not maintainable after CIRP had already been admitted against the principal borrower. The Tribunal applied the co-extensive nature of surety liability but treated the prior admission against one corporate debtor as determinative against a proceeding on the same claim. The objection that the corporate debtor was a financial service provider or NBFC, and therefore outside the definition of corporate person, was rejected because no proper registration or authorisation establishing that status was produced on record. en-us Thu, 24 Oct 2019 00:00:00 +0530 Thu, 24 Jun 2021 06:59:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=295890 A second section 7 application under the Insolvency and Bankruptcy Code against a corporate guarantor for the same debt and default was held not maintainable after CIRP had already been admitted against the principal borrower. The Tribunal applied the co-extensive nature of surety liability but treated the prior admission against one corporate debtor as determinative against a proceeding on the same claim. The objection that the corporate debtor was a financial service provider or NBFC, and therefore outside the definition of corporate person, was rejected because no proper registration or authorisation establishing that status was produced on record. Case-Laws Insolvency and Bankruptcy Thu, 24 Oct 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=295890