Section 7 IBC Challenge Not Maintainable During Pending NCLT Proceedings: Karnataka HC

Advertisement Rajesh Exports Limited Vs Canara Bank (Karnataka High Court) The Karnataka High Court considered a writ petition seeking to quash proceedings initiated under Section 7 of the Insolvency and Bankruptcy Code, 2016 pending before the NCLT, Bengaluru, and to restrain their continuation. The respondent raised a preliminary objection to the maintainability of the writ petition, submitting that the insolvency proceedings were already pending before the NCLT and that the petitioner could raise all grievances and contentions before that forum. The High Court noted that the Section 7 IB...