Whether Insolvency Proceedings can be initiated against Guarantor

Short Summary:

In this article author explains provisions of Insolvency & Bankruptcy Code, 2016 (hereafter referred as “IBC”) in relation to power of Creditors to file application against Corporate Guarantor.

Article deals with the issue “Whether Creditor can file application against Corporate Guarantor in case of default by Principle Debtor and petition against principle debtor has already been admitted under the Insolvency & Bankruptcy Code, 2016.”

Introduction:

Insolvency and Bankruptcy Code, 2016 (the, “Code”) is a crucial legislation passed by the Parliament which has the potential to be a game changer in the insolvency and bankruptcy regime in India.

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