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2020 (2) TMI 1562 - AT - Insolvency and BankruptcyAllowance of same claim twice - duplicity of claims - application dismissed on the ground that since claim lodged by the Financial Creditor before Resolution Professional in CIRP against the Principal Borrower has already been collated and admitted, it is not permissible to allow the same claim to be again - HELD THAT:- Once the Financial Creditor's claim has been collated and admitted by the IRP in its entirety, invoking of jurisdiction of the Adjudicating Authority at its instance for triggering a fresh Corporate Insolvency Resolution Process against the Corporate Guarantor would amount to duplicity of claims being pressed. The fact that the Resolution Plan is yet to be approved by the Adjudicating Authority and the Financial Creditor may be faced with the prospect of taking a haircut is no ground to trigger a fresh resolution process against the Corporate Guarantor. Assuming but not holding that the Corporate Guarantors liability is coextensive with that of the Principal Borrower in the instant case with no proof of record that there is no contract to the contrary within the meaning of Section 128 of the Indian Contract Act and there has been no subsequent variance in terms of contract between the Financial Creditor and the Principal Borrower, apprehension of Financial Creditor that in the resolution process initiated against the Principal Borrower, which is still underway, its total claim will not be satisfied has to be termed as speculative and a figment of imagination. This being a second application for same set of claim and arising out of the same default cannot be admitted against the 'Corporate Guarantor' while CIRP initiated against the 'Principal Borrower' is still subsisting. Appeal dismissed - decided against appellant.
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