The case involves two appeals (CA (AT) (Ins) No. 851 of 2023 and CA (AT) (Ins) No. 852 of 2023) filed by Piramal Capital & Housing Finance Ltd. against Hydric Infrastructure Pvt. Ltd. and Hydric Town Planners Pvt. Ltd., respectively. These appeals arise from applications filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, for initiating Corporate Insolvency Resolution Process (CIRP) against the respondents, who acted as corporate guarantors for a loan extended to Crystal Facilities Management Pvt. Ltd. (CFMPL). The Adjudicating Authority dismissed the applications, relying on a previous decision of the Tribunal which held that an application against the principal borrower is not maintainable against the corporate guarantor on the same set of debt.

The case involves two appeals (CA (AT) (Ins) No. 851 of 2023 and CA (AT) (Ins) No. 852 of 2023) filed by Piramal Capital & Housing Finance Ltd. against Hydric Infrastructure Pvt. Ltd. and Hydric Town Planners Pvt. Ltd., respectively. These appeals arise from applications filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, for initiating Corporate Insolvency Resolution Process (CIRP) against the respondents, who acted as corporate guarantors for a loan extended to Crystal Facilities Management Pvt. Ltd. (CFMPL). The Adjudicating Authority dismissed the applications, relying on a previous decision of the Tribunal which held that an application against the principal borrower is not maintainable against the corporate guarantor on the same set of debt.