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Pending proceeding before Debt Recovery Tribunal doesn’t bar initiation of proceeding under IBC
Case Law Details
- Case Name
- Central Bank of India Pvt. Ltd. Vs Narmada Extrusions Pvt. Ltd. (NCLT Indore)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- NCLT
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Central Bank of India Pvt. Ltd. Vs Narmada Extrusions Pvt. Ltd. (NCLT Indore)
NCLT Indore held that pendency of proceedings before the Debt Recovery Tribunal is not a bar to initiation of proceedings under the Code. Accordingly, application u/s. 7 of IBC admitted as existence of financial debt and occurrence of default thereon by corporate debtor duly established by financial creditor.
Facts- This Company Petition has been filed by Central Bank of India (“Financial Creditor”), seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Narmada Extru...
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