# In the matter of IFCI Ltd. vs. Ashok Kumar Sarawgi,

> NCLAT judgment dated 2025-09-22. Citation: TCN-2025-NCLAT-00505. IFCI Ltd. filed a claim as a financial creditor in the CIRP of Kohinoor Power Pvt. Ltd.…

- **Court:** NCLAT
- **Order date:** 22 Sept 2025
- **Citation:** TCN-2025-NCLAT-00505
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-principal-bench/ifci-ltd-vs-ashok-kumar-sarawgi-821f8dfe

## Summary

### Background

IFCI Ltd. filed a claim as a financial creditor in the CIRP of Kohinoor Power Pvt. Ltd. (KPPL), the principal borrower, and Kohinoor Steel Pvt. Ltd. (KSPL), the corporate guarantor. The claim was initially rejected by the Resolution Professional (RP) of KSPL, citing that the appellant cannot file two claims against two different Corporate Debtors for the same debt.

## Facts

IFCI Ltd. granted a loan to M/s Kohinoor Power Pvt. Ltd. (KPPL), with a corporate guarantee from M/s Kohinoor Steel Pvt. Ltd. (KSPL).

KPPL was admitted into Corporate Insolvency Resolution Process (CIRP) on 03.08.2018.

IFCI Ltd. filed its claim as a Financial Creditor with the Resolution Professional of KPPL.

KSPL was admitted into CIRP by the Adjudicating Authority vide its order dated 20.11.2019.

The claim filed by IFCI Ltd. was rejected by the Resolution Professional on 18.02.2020.

The Adjudicating Authority dismissed IA(IB)/1372(KB)/2023 through an order dated 03.04.2024.

The appellant filed its claim for the first time on 11.12.2019 along with proof of claim for an amount of Rs.171,75,49,875.60/-.

## Issues and analysis

### Issue 1: Whether a claim can be filed in the CIRP of both the principal borrower and the corporate guarantor …

**Ratio:** The Hon'ble Supreme Court in the case of Lalit Kumar Jain vs Union of India, (2021) 9 SCC

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**Reasoning:** The judgment of the Hon'ble Supreme Court has settled the law on this issue, clarifying

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**Interpretation:** The liability of the guarantor is independent of the liability of the principal

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**Application:** The Resolution Professional was directed to verify and entertain the claim of

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## Parties

- **Judges:** Yogesh K…; Ajai Das Me…
- **Appellants:** IFCI…
- **Respondents:** Kohinoor Steel…; Kohinoor Power…; +1 more
- **Advocates:** Vivek K…; Nimita…; +4 more

## Timeline

- **03.08.2018 — KPPL admitted…**: Kohinoor Power Pvt. Ltd. (KPPL) was admitted into Corporate Insolvency Resolution Process…
- **2019-11-20 — KSPL admitted…**: Kohinoor Steel Pvt. Ltd. (KSPL) was admitted…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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