Lenders can move insolvency plea against guarantor without initiating CIRP for defaulting companies
NEW DELHI: The National Company Law Appellate Tribunal (NCLAT)has held that the lenders of defaulting companies can initiate corporate insolvency resolution process against corporate guarantors without invoking CIRP for the principal borrowers. A three member bench of the appellate tribunal in a judgement said that corporate guarantors are also financial creditors. “We hold that it […]
ICICI Bank files insolvency plea against Jaiprakash Associates
NEW DELHI: Leading private sector lender ICICI Bank has filed insolvency petition against Jaiprakash Associates before the National Company Law Tribunal (NCLT). The Allahabad bench of NCLT has asked ICICI bank to serve notice to its corporate debtor Jaiprakash Associates within three days and directed Jaypee group firm to file reply by September 17. If […]