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2021 (12) TMI 1341 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Principal borrower failed to repay the principal amount along with interest - Financial Creditors - account classified as NPA - existence of debt and dispute or not - HELD THAT:- It is considered fit, to adopt the view taken in State Bank of India vs. Athena Energy Ventures Private Limited, [2020 (11) TMI 800 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL , NEW DELHI] case wherein, it was clearly held that in the matter of guarantee, CIRP can proceed against the Principal Borrower as well as the Guarantor. The Hon'ble NCLAT had held in that matter that the law as laid down by the Hon'ble High Courts for the respective jurisdictions, and law as laid down by Hon'ble Supreme Court for the whole country is binding. The Hon'ble NCLAT further held that in the matter of Piramal [2019 (2) TMI 316 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHI], the Bench of this Appellate Tribunal "interpreted" the law. It was held that ordinarily, " we would respect and adopt the interpretation but for the reasons discussed above, we are unable to interpret the law in the manner it was interpreted in the matter of Piramal". The present petition against the Corporate Debtor herein which is a Guarantor as well, is admitted - the petition is admitted and CIRP in respect of the Guarantor is initiated - moratorium declared.
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