Creditors can pursue simultaneous insolvency proceedings against both debtors, guarantors

A bench comprising justices Dipankar Datta and Augustine George Masih held that there is no statutory bar under the "The Judge is not to innovate at pleasure. He is not a knight errant roaming at will in pursuit of his own ideal of beauty or of goodness," Justice Datta wrote in the opening of the 47-page judgment. "Thus, whilst approving that the IBC is not a recovery proceeding, we negate the contention that CIRP can be prohibited against a guarantor or co-borrower only on that ground."It seems prudent th ...