https://www.taxtmi.com/caselaws?id=414339 A co-borrower corporate debtor can be proceeded against under the Insolvency and Bankruptcy Code when documents show assumption of liability, financial debt, and continuing default. On the record, the loan addendum and settlement materials established the corporate debtor's liability, the recall of the facility, and outstanding dues, so the Section 7 application was treated as maintainable and not time-barred. The existence of an earlier insolvency proceeding against the original borrower did not bar a separate proceeding against the co-borrower, because the liabilities were treated as coextensive for the same debt. CIRP was admitted and the arbitration reference was rejected as infructuous. en-us Wed, 06 Oct 2021 00:00:00 +0530 Tue, 02 Nov 2021 18:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=414339 A co-borrower corporate debtor can be proceeded against under the Insolvency and Bankruptcy Code when documents show assumption of liability, financial debt, and continuing default. On the record, the loan addendum and settlement materials established the corporate debtor's liability, the recall of the facility, and outstanding dues, so the Section 7 application was treated as maintainable and not time-barred. The existence of an earlier insolvency proceeding against the original borrower did not bar a separate proceeding against the co-borrower, because the liabilities were treated as coextensive for the same debt. CIRP was admitted and the arbitration reference was rejected as infructuous. Case-Laws Insolvency and Bankruptcy Wed, 06 Oct 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=414339