2019 (2) TMI 2021 - SCH - Insolvency and Bankruptcy

Initiation of Corporate Insolvency Resolution Process against the Principal Borrower - admission of an application under Section 7 - it was held by NCLAT that Without initiating any Corporate Insolvency Resolution Process against the Principal Borrower it is always open to the Financial Creditor to initiate Corporate Insolvency Resolution Process under Section 7 against the Corporate Guarantors as the creditor is also the Financial Creditor qua Corporate Guarantor - HELD THAT - There are no merit in the appeal. The civil appeal stands dismissed.

Summary

The Supreme Court dismissed the civil appeal as it found no merit in it. Pending applications were also disposed of. (Case citation: 2019 (2) TMI 2021 - SC)