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

Page ContentsDesh Bhushan Jain Vs Abhay Kumar (NCLAT Delhi)BackgroundSettlement Agreement and DefaultAppeal and Interim OrdersAppellant’s ArgumentsFinancial Creditors’ ResponseNCLAT’s DecisionConclusion 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 a...