Under ‘Right of Subrogation’ Guarantor is entitled to Initiate CIRP against Principal Borrower

Orbit Towers Private Limited Vs Sampurna Suppliers Private Limited (NCLT Kolkata)

THE NATIONAL COMPANY LAW TRIBUNAL (NCLT), KOLKATA BENCH-held that if a Guarantor pays the debt on behalf of the Principal Borrower, then it steps into the shoes of the Creditor and can initiate Corporate Insolvency Resolution Process (CIRP) again the principal borrower.

BRIEF FACTS:

 1. This petition under section 7 of the <

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