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Lenders can move insolvency plea against guarantor without initiating CIRP for defaulting companies: NCLAT
Written By PTI
Published: | Updated:
"We hold that it is not necessary to initiate Corporate Insolvency Resolution Process against the principal borrower before initiating 'Corporate Insolvency Resolution Process' against the corporate guarantors.
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The National Company Law Appellate Tribunal has held that the lenders of defaulting companies can initiate corporate insolvency resolution process against corporate guarantors, Image source: PTI
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