Whether a joint petition u/s 9 of IBC by more than one individual/employee can be maintained if individually they do not fulfill the threshold limit of Rs. 1 crore – Mr. Brajesh Mishra and Others Vs. Dolphin Offshore Shipping Ltd. – NCLT Mumbai Bench

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CIRP can be initiated against Principal Borrower even during ongoing CIRP of Corporate Guarantor where Section 7 application filed by different financial creditors for different projects and filing of claim in the ongoing CIRP against Corporate Guarantor does not preclude the Financial Creditor from filing a CIRP application u/s 7 of IBC against Principal Borrower – Assets Care and Reconstruction Enterprise Ltd. Vs. Supertech ORB Project Pvt. Ltd. – NCLT Allahabad Bench

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Both the distribution methods for Secured Creditors, one based on ‘value of security’ and the other based on ‘voting share’ are legal and not in violation of Section 30(2)(b) of IBC as along as the Committee of Creditors in its commercial wisdom approve one of the methods – Manav Investment & Trading Company Ltd. Vs. Sri Pratim Bayal, RP of Birla Tyres Ltd. – NCLT Kolkata Bench

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