Attempts to exploit insolvency framework to evade legitimate claims: NCLAT imposes Cost

Neon Laboratories Ltd Vs Mayank Shah & Anr. (NCLAT Delhi)

In a recent judgment, the National Company Law Appellate Tribunal (NCLAT) in Delhi dismissed the insolvency petition filed by Neon Laboratories Ltd., marking a significant development in the case involving the operational creditor and Mayank Shah. The decision came as a result of an appeal against an order from the National Company Law Tribunal (NCLT), Mumbai Bench, which had earlier disposed of a plea filed by Shah under Section 60(5) of the Insolvency and Bankruptcy Code (IBC).

The original order, dated November

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