Insolvency Proceedings of Corporate Guarantor will not prevent Creditor in Filing CIRP against Corporate Debtor for Balance Debt: Supreme Court [Read Judgement]
The Court clarified that the insolvency resolution of the corporate guarantor will not result in the discharge of the corporate debtor towards the remaining debt
In a significant decision, the Supreme Court held that a corporate guarantor’s insolvency resolution under the Insolvency & Bankruptcy Code ( IBC ) of 2016 will not prevent the creditor from initiating another insolvency process against the corporate debtor for the balance debt. The respondent no.1, the Financial Creditor had initiated the Corporate Insolvency Resolution…
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