NCLAT upheld admission of Insolvency application & dismissed appeal by Former Promoter

Abhinav Bhatnagar Vs Bank of Baroda And Ors (NCLAT Delhi) Conclusion: Since there was outstanding debt qua the Financial Creditor and that there was continuing default and further, the Corporate Debtor had failed to show that the debt liability was liquidated, therefore, the findings of the Adjudicating Authority in admitting the Corporate Debtor into the rigours of CIRP was justified. Held: Adjudicating Authority has admitted Section 7 of IBC filed by the Financial Creditor-Bank of Baroda bringing both the Corporate Debtors into the fold of Corporate Insolvency Resolution Process (“CIRP” ...