The corporate insolvency landscape in India witnessed a landmark clarification with the Supreme Court’s comprehensive judgment in ICICI Bank Limited v. Era Infrastructure (India) Limited and connected matters, delivered in 2026. This pivotal ruling addressed one of the most contentious issues in insolvency law: whether financial creditors can simultaneously initiate Corporate Insolvency Resolution Process (CIRP) proceedings under the Insolvency and Bankruptcy Code, 2016 against both a principal borrower and its corporate guarantor. The Supreme Court’s decisive intervention resolved conflicting interpretations by lower tribunals and reaffirmed the fundamental principle that the liability of a guarantor is co-extensive with that of…
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