Simultaneous initiation of CIRP against Principal Borrower and Corporate Guarantor permissible under IBC: NCLAT

NCLAT said that simultaneously remedy was central to a contract of guarantee

The National Company Law Appellate Tribunal (NCLAT) has held that simultaneous initiation of corporate insolvency resolution process (CIRP) against a Principal Borrower and its Corporate Guarantor is permissible under Insolvency & Bankruptcy Code. (SBI vs Athena Energy Respondent Ventures Private Limited)

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