https://www.taxtmi.com/caselaws?id=465776 A dominant issue was whether a s.7 IBC application is maintainable against a corporate guarantor where CIRP against the principal borrower has already been admitted on the same debt. Relying on SC authority holding that a financial creditor may proceed under s.7 against a guarantor notwithstanding proceedings against the borrower, and rejecting reliance on contrary NCLAT precedent, the AT held that dismissal of the s.7 application as non-maintainable was legally erroneous; the impugned order was set aside, the s.7 applications were restored, and the matters were remanded for fresh adjudication in accordance with law. en-us Fri, 02 Feb 2024 00:00:00 +0530 Thu, 08 Jan 2026 21:13:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=465776 A dominant issue was whether a s.7 IBC application is maintainable against a corporate guarantor where CIRP against the principal borrower has already been admitted on the same debt. Relying on SC authority holding that a financial creditor may proceed under s.7 against a guarantor notwithstanding proceedings against the borrower, and rejecting reliance on contrary NCLAT precedent, the AT held that dismissal of the s.7 application as non-maintainable was legally erroneous; the impugned order was set aside, the s.7 applications were restored, and the matters were remanded for fresh adjudication in accordance with law. Case-Laws IBC Fri, 02 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=465776