TMI BlogInitiation of CIRP - It is clear that Respondent ‘Eastern Embroidery Collections Private Limited’ was...Initiation of CIRP - It is clear that Respondent ‘Eastern Embroidery Collections Private Limited’ was the Corporate Guarantor of the Principal Borrower ‘Eastern Overseas’, and not a Personal Guarantor. Therefore, in terms of Sub-section (7) and (8) of Sec 3 of I&B Code, 2016 is a Corporate Debtor. Further, the applicable Rules would be ‘Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016’. - The Adjudicating Authority committed an error in holding that action should hav..... ..... X X X X Extracts X X X X X X X X Extracts X X X X
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