Moratorium doesn’t apply to any payment by co-applicant: Direction of reversal of amount not sustained

ICICI Bank Ltd Vs Chanchal Dua & Ors (NCLAT Delhi)

NCLAT Delhi held that amount having not been received from the corporate debtor, there was no applicability of Section 14 of the IBC and moratorium was not applicable with regard to any payment by co-applicant. Thus, direction of adjudicating authority for reversal of amount is unsustainable.

Facts- This appeal has been filed challenging the order dated 22.12.2023 passed by the NCLT which was filed by Resolution Professional (RP) under Section 19(2) read with Sections 14, 43 & 74(2) of the Insolvenc

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