Section 13 SARFAESI Proceedings Don’t Make IBC Section 10 Application Malicious

Getz Cables Private Limited Vs State Bank of India (NCLAT Delhi) NCLAT Delhi held that initiation of proceedings u/s. 13 sub-section (2) and (4) of SARFAESI Act by the creditor prior to filing of Section 10 application, cannot be a ground to hold that Section 10 application is filed with malicious and fraudulent intent. Accordingly, rejection of application u/s. 65 of IBC not justified. Facts- This Appeal has been filed by a Corporate Applicant, challenging order dated 30.09.2024 passed by National Company Law Tribunal, New Delhi Court III rejecting application filed by the Appellant under Sec...