https://www.taxtmi.com/caselaws?id=297816 The appeal under Section 7 of the Insolvency and Bankruptcy Code seeking to trigger the Corporate Insolvency Resolution Process against the Corporate Debtor, a Corporate Guarantor, was dismissed due to duplicity of claims. The Adjudicating Authority found that the Financial Creditor's claim against the Principal Borrower had already been admitted in separate proceedings, making a new process against the Guarantor redundant. The Tribunal upheld this decision, emphasizing that the Guarantor's liability is tied to that of the Principal Borrower unless there is a specific contract stating otherwise. The appeal was dismissed, reaffirming that initiating a new process for the same claim while proceedings against the Principal Borrower are ongoing is unwarranted. en-us Mon, 17 Feb 2020 00:00:00 +0530 Thu, 23 Sep 2021 07:04:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=297816 The appeal under Section 7 of the Insolvency and Bankruptcy Code seeking to trigger the Corporate Insolvency Resolution Process against the Corporate Debtor, a Corporate Guarantor, was dismissed due to duplicity of claims. The Adjudicating Authority found that the Financial Creditor's claim against the Principal Borrower had already been admitted in separate proceedings, making a new process against the Guarantor redundant. The Tribunal upheld this decision, emphasizing that the Guarantor's liability is tied to that of the Principal Borrower unless there is a specific contract stating otherwise. The appeal was dismissed, reaffirming that initiating a new process for the same claim while proceedings against the Principal Borrower are ongoing is unwarranted. Case-Laws Insolvency and Bankruptcy Mon, 17 Feb 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=297816