Pending proceeding before Debt Recovery Tribunal doesn’t bar initiation of proceeding under IBC

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 Extrusion Limited (...