If CIRP has been initiated against the Principal Borrower, could the Creditor have filed claim in CIRP initiated against the Corporate Guarantor – Edelweiss Asset Reconstruction Company Ltd. Vs. Gwalior Bypass Projects Ltd. – NCLAT New Delhi
NCLAT referred judgments Dr. Vishnu Kumar Agarwal Vs M/s. Piramal Enterprises Ltd.” [2019] ibclaw.in 16 NCLAT and State Bank of India vs. Athena Energy Ventures Pvt. Ltd. (2020) ibclaw.in 344 NCLAT and held that we do not find that there is bar for the Financial Creditor to proceed against the principal borrower as well as Corporate Guarantor at the same time, either in CIRPs or file claims in both CIRPs. Impugned Order is quashed and set aside. We find that the claim submitted by the Appellant was required to be considered by the IRP/RP in the CIRP proceedings. The matter is remitted back to the Adjudicating Authority and the Adjudicating Authority is requested to pass further Orders with regard to the claim made by the Appellant which was required to be considered by the IRP/RP. The Resolution Plan pending for approval before the Adjudicating Authority may be sent back to COC for reconsideration in view of the present Orders in Appeal.