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2022 (1) TMI 1294 - AT - Insolvency and BankruptcyRejection of application as premature - seeking initiation of Corporate Insolvency Resolution Process against the Guarantor - Section 95(1) of the Insolvency and Bankruptcy Code, 2016 - HELD THAT:- The Adjudicating Authority erred in holding that since no CIRP or Liquidation Proceeding of the Corporate Debtor are pending the application under Section 95(1) filed by the Appellant is not maintainable. The Application having been filed under Section 95(1) and the Adjudicating Authority for application under Section 95(1) as referred in Section 60(1) being the NCLT, the Application filed by the Appellant was fully maintainable and could not have been rejected only on the ground that no CIRP or Liquidation Proceeding of the Corporate Debtor are pending before the NCLT. The Application filed by the Appellant under Section 95(1) of the Code is revived before the NCLT which may be proceeded in accordance with the law. Appeal allowed.
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