Admission of Claim in Principal Borrower’s CIRP Does Not Bar Section 7 Against Guarantor: NCLT Delhi

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AdvertisementPashupati Facility And Management Service Private Limited Vs Prodot Media Private Limited (NCLT Delhi) The National Company Law Tribunal (NCLT), Delhi, considered an application filed by Pashupati Facility and Management Service Private Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016 seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against Prodot Media Private Limited in its capacity as a corporate guarantor for a financial debt of ₹1,49,99,945. The application stated that the principal borrower, Teriyaki Builders Private Limited, had obtained an i...