Simultaneous CIRP Allowed for Principal Borrower & Corporate Guarantor: NCLT

State Bank of India Vs Anupriya Management Private Limited (NCLT Kolkata) Introduction: In a significant ruling by the National Company Law Tribunal (NCLT) Kolkata, the court addressed the initiation of Corporate Insolvency Resolution Process (CIRP) against both the principal borrower, State Bank of India, and the corporate guarantor, Anupriya Management Private Limited, under Section 7 of the Insolvency and Bankruptcy Code. Detailed Analysis: State Bank of India filed an application under Section 7 of the Insolvency and Bankruptcy Code against Anupriya Management Private Limited, seeking to i...