CIRP against Co-Borrower, Shares Equal Responsibility under Loan Agreement: NCLAT

The National Company Law Appellate Tribunal (NCLAT) ruled that co-borrowers share equal responsibility under a loan agreement during the Corporate Insolvency Resolution Process (CIRP). The tribunal emphasized that both co-borrowers are equally liable for the repayment of the loan, regardless of their individual contributions. This ruling clarifies the responsibilities of co-borrowers in insolvency cases and ensures equitable treatment of creditors.