https://www.taxtmi.com/caselaws?id=755712 A final recovery certificate or money decree constitutes a fresh cause of action for initiating Section 7 insolvency proceedings against a corporate guarantor under the Insolvency and Bankruptcy Code, 2016, and pending review proceedings before the DRT do not dilute that effect. The allegation that the corporate debtor has only one asset and that CIRP may not be fruitful does not, by itself, defeat admission once debt and default are established. On that basis, the challenge to the admission order failed and the insolvency proceedings were upheld. en-us Fri, 12 Jul 2024 00:00:00 +0530 Wed, 17 Jul 2024 17:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=755712 A final recovery certificate or money decree constitutes a fresh cause of action for initiating Section 7 insolvency proceedings against a corporate guarantor under the Insolvency and Bankruptcy Code, 2016, and pending review proceedings before the DRT do not dilute that effect. The allegation that the corporate debtor has only one asset and that CIRP may not be fruitful does not, by itself, defeat admission once debt and default are established. On that basis, the challenge to the admission order failed and the insolvency proceedings were upheld. Case-Laws Insolvency and Bankruptcy Fri, 12 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=755712