Issue of notice to Creditors before admitting Application underSection 10 of IBC is Not mandatory: NCLT

In re Go Airlines (India) Limited (NCLT Delhi) Hon’ble National Company Law Tribunal (NCLT), Principal Bench, New Delhi in the matter of Go Airlines (India) Limited dealt with following important question of law; Whether there is any mandatory requirement of issuing notice to the Creditors before admitting an Application filed under Section 10 of IBC 2016? Hon’ble NCLT observed the following; 1. On perusal of the Memo of Parties of the present Application filed under Section 10 of IBC 2016, it is observed that there is no Respondent impleaded in the application, unlike the Section 7 & ...