Financial Creditor Can't File Same Claim Twice For Same Loan In Multiple Insolvency Proceedings Without Proper Adjustment: NCLAT

The NCLAT (National Company Law Appellate Tribunal) has ruled that a "financial creditor cannot file the same claim twice for the same loan in multiple insolvency proceedings without proper adjustment." This decision prevents double-dipping and ensures the integrity of the insolvency resolution process. The tribunal emphasized that if a financial creditor has already filed a claim for a particular debt in one Corporate Insolvency Resolution Process (CIRP), they cannot file an identical claim in another related CIRP without disclosing the previous claim and ensuring no unjust enrichment occurs.