Initiation of proceedings under IBC against Airport Authority of India unjustified

Akash Electrotek Engineers Pvt Ltd. Vs NCC Limited (NCLT Hyderabad) NCLT Hyderabad Held that Airport Authority of India being a statutory body created under Airport Authority of India Act, 1944, does not come under the definition of ‘corporate person’ u/s. 3(7) of IBC. Therefore, proceedings under IBC could not have been initiated against them. Facts- This application is filed by M/s. Akash Electrotek Engineers Private Limited, being the Operational Creditor (the Petitioner) seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s. NCC Limited, (Respondent-1) and ...