Corporate Guarantor’s Default Date Independent of Principal Borrower’s Default: NCLT Mumbai

Central Bank of India Vs Superfine Profile and Extrusions Pvt. Ltd. (NCLT Mumbai) In a significant legal development, the National Company Law Tribunal (NCLT) in Mumbai rendered a crucial judgment in the case of Central Bank of India vs. Superfine Profile and Extrusions Pvt. Ltd. The core issue under consideration revolves around the determination of the date of default concerning corporate guarantors and its pivotal role in initiating the Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, 2016 (IBC). Background of the Petition: Central Bank of India initi...