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NCLT admits Canara Bank’s ₹119.64 cr insolvency plea against guarantor

Canara Bank logoCanara Bank
Sig3.45Sen+2.75Env0.00Soc0.00Gov+0.80

National Company Law Tribunal admitted Canara Bank’s Section 7 insolvency application against Citron Infraprojects Limited over a ₹119.64 crore default under a corporate guarantee. The court ruled that ongoing CIRP for the principal borrower does not bar similar action against the guarantor, and rejected limitation and prematurity objections, noting the process is for insolvency resolution rather than direct recovery.

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