Repeated application u/s. 94 of IBC dismissed as made with intention to defeat recovery proceedings under SARFAESI

Manoj Aggarwal Vs Karnataka Bank Limited (NCLAT Delhi)

NCLAT Delhi held that repeated application under section 94 of the Insolvency and Bankruptcy Code for taking refuge of moratorium with malafide intention to defeat recovery proceedings initiated under SARFAESI Act is not justifiable. Accordingly, appeal dismissed.

Facts- M/s MMR Agro Foods Pvt. Ltd.-Corporate Debtor had obtained credit facilities from the Respondent-Karnataka Bank. The present Appellant-Smt. Vimla Devi stood as a personal guarantor of the Corporate Debtor. The account of the Corporate De

Please become a Premium member. If you are already a Premium member, login here to access the full content.