Pendency of proceedings before DRT doesn’t bar initiation of CIRP under IBC

Encore Asset Reconstruction Company Private Limited Vs New Tech Imports Private Limited (NCLT Delhi) NCLT Delhi held that the pendency of proceedings before Debt Recovery Tribunal [DRT] does not preclude or bar the initiation of Corporate Insolvency Resolution Process [CIRP] under the Insolvency and Bankruptcy Code, 2016 [IBC]. Facts- This Petition is filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 by City Union Bank, seeking to initiate Corporate Insolvency Resolution Process against M/s New Tech Imports Private Limited [Corporate Debtor]. Notably, the present petition was ...