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2020 (10) TMI 386 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor unable to liquidate its financial debt - existence of debt and dispute or not - HELD THAT:- This Adjudicating Authority is of the view that a Financial Creditor can, in relation to a debt under Section 7 of IBC 2016, proceed against two Corporate Guarantors or one Corporate Guarantor and the Principal Borrower and there is no bar/per se. As per the DTD entered between the Principal Borrower and the Financial Creditor the Principal amount was to be repaid by the Principal Borrower in 4 equal quarterly instalments, wherein the Principal Borrower defaulted in making payment of the first instalment amounting to ₹ 13,12,50,000, therefore the Financial Creditor invoked the Corporate Guarantee issued by the Corporate Debtor dated 13.06.2017 and demanded payment of the first instalment as the same duties and obligations fell upon them under the DTD and the Deed of Corporate Guarantee therefore it is observed that the claim of the Financial Creditor against the Corporate Debtor arises from the same set of debt owed by the Principal Borrower. Since an application against the Principal Borrower has already been admitted vide order dated 08.01.2020 in CP. No. 1348 of 2019, this Adjudicating Authority is of the view that the present application is bound to be rejected without any cost. Let the copy of the order be communicated to the Financial Creditor and the Corporate Debtor.
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