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2020 (7) TMI 205 - NATIONAL COMPANY LAW TRIBUNAL, HYDERABADMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its debt - existence of debt and dispute or not - Where an Application U/ s. 7 of the Code as filed by the 'Financial Creditor' is already admitted against the 'Principal Borrower', whether another Application under Section 7 of the Code, by the same Financial Creditor can be admitted against the Corporate Guarantor for the same set of claims and default or not? - HELD THAT:- It is pertinent to note here that under the provisions of IBC 2016, there is no bar against filing an application u/ s. 7 either against the Principal Borrower or the Corporate Guarantor. It is also not necessary that an application U/ s. 7 must be filed by the Financial Creditor against the Principal Borrower first, and an application u/ s. 7 against the Corporate Guarantor must be filed after exhausting the rights against the Principal Borrower, as the Financial Creditor is also the Financial Creditor qua the Corporate Guarantor. Hon'ble NCLAT have categorically laid down in the case of DR. VISHNU KUMAR AGARWAL VERSUS M/S. PIRAMAL ENTERPRISES LTD. [2019 (2) TMI 316 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHI] that since a Financial Creditor cannot make a claim for the same set of debt in two separate CIRP processes, he cannot be allowed to pursue two separate Sec. 7 applications for the same claim. If the CIRP is initiated against one of the Corporate Debtors, after such initiation the Financial Creditor cannot trigger CIRP against the other Corporate Debtor/ Corporate Guarantor for the same claim amount. This Adjudicating Authority is not inclined to admit the instant application, which is filed on the same set of facts, claim and default in respect of which a CIRP is already under progress and wherein the claim of the applicant herein is already admitted. Application dismissed.
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