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Creditor can file insolvency plea against corporate guarantor without initiating CIRP against borrower

January 10, 2019[2019] 101 taxmann.com 283 (NCL-AT)
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IBC: Without initiating any CIRP against principal borrower, it is always open to financial creditor to initiate CIRP against corporate guarantor

IBC: Where on principal borrower's failure to repay, financial creditor initiated CIRP against corporate guarantor and consortium of banks claimed that being a prior and first charge holder, their right could not be defeated by said financial creditor, said claim of consortium banks could not be accepted as role of banks came if they file claim after admission of an application and when they were accepted as a financial creditors and made members of CoC

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