Financial Creditors’ can File Second Petition under Section 7 of IBC for CD’s Continued Default

Desh Bhushan Jain Vs Abhay Kumar (NCLAT Delhi)

The case “Desh Bhushan Jain vs. Abhay Kumar” involves an appeal by the erstwhile Director of Angel Promoters Pvt. Ltd. (Corporate Debtor, CD) against an order passed by the National Company Law Tribunal (NCLT) Delhi, which admitted an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC). This application was filed by multiple financial creditors seeking resolution for a loan default amounting to Rs. 3,34,07,686, including interest. The NCLT’s order imposed a moratorium and appointed Abhay Kuma

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