Corporate LawsLaw Report
NCLT Mumbai held that a guarantor’s liability is co-extensive with the borrower’s, so default stood established under Section 10.
The National Company Law Tribunal (NCLT) Mumbai has admitted a voluntary insolvency petition filed under Section 10 of the Insolvency and Bankruptcy Code, 2016 by Sevantilal Fakirchand and Company Private Limited, a corporate guarantor and ordered the initiation of the Corporate Insolvency Resolution Process (CIRP) against it.
The applicant, which was incorporated in the year…