2021 (10) TMI 1374

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... oval of the Resolution Plan. Section 60(2) of the Code requires that for an Insolvency Resolution Process to be initiated against the guarantor there must be CIRP or Liquidation process is pending against the principal borrower/Corporate Debtor. Since, that requirement is not satisfied in the present case, at this point of time petition is premature and is dismissed as such. - C.P. (IB)/230(KB)2 .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... cess to be initiated against the guarantor there must be CIRP or Liquidation process is pending against the principal borrower/Corporate Debtor. Since, that requirement is not satisfied in the present case, at this point of time CP(IB)/230(KB)2021 is premature and is dismissed as such. 3. Liberty is, however, granted to the petitioner to initiate appropriate proceedings in accordance with law. .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X