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2022 (5) TMI 912 - Tri - Insolvency and BankruptcyRejection of the simultaneous claim by the Resolution Professional of the Corporate Debtor - Claim filed by the Applicant with respect to the corporate guarantee given by the Corporate Debtor - whether a simultaneous claim can be submitted by the financial creditor in the CIRP initiated against the Corporate Debtor as well as against the Corporate Guarantor? - HELD THAT:- Section 60(2) of the IBC, 2016 empowers the Financial Creditor to initiate the CIRP against the Corporate Debtor as well as the corporate guarantor of the Corporate Debtor. If, the financial creditor is entitled to initiate a CIRP against the Guarantor during the pendency of CIRP or liquidation proceeding pending against the Corporate Debtor. Thereby, the claim can not be rejected merely on the ground that the claim has already been admitted in CIRP of M/s. Sitex. Moreover, there is no bar in the IBC, 2016 to submit the simultaneous claim in the CIRP of the Corporate Debtor as well as in the CIRP of the corporate guarantor. The Hon'ble NCLAT in STATE BANK OF INDIA, STRESSED ASSET MANAGEMENT BRANCH VERSUS ATHENA ENERGY VENTURES PRIVATE LIMITED [2020 (11) TMI 800 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL , NEW DELHI] has upheld that when the principal borrower and surety are undergoing CIRP the creditor is entitled to file a claim in CIRP on both of them. It is directed to the RP of the Corporate Debtor to verify and admit the claim submitted by the applicant with respect to the corporate guarantee executed by the Corporate Debtor for the credit facilities as well as Bank Guarantee Given to M/s. Sintex - the present application is allowed.
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