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IBC - Highlights / Catch Notes

Home Highlights May 2019 Year 2019 This

Corporate Insolvency Resolution Process (CIRP) against guarantor ...

Insolvency and Bankruptcy

May 30, 2019

Corporate Insolvency Resolution Process (CIRP) against guarantor - corporate debtor admittedly being corporate guarantor to the money borrowed by the principal borrowers against payment of interest, it is a financial debt falling under Clause 8(i) - the person in default u/s 5(8)(i) is a company as envisaged under Section 3(7) of the Code, therefore this creditor can initiate section 7 proceedings against this corporate debtor

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