NCLT Delhi Rejects CIRP filed with Intent to Evade Financial Obligations

In re Imperial Banquets & Dining Private Limited (NCLT Delhi) National Company Law Tribunal (NCLT), Delhi Bench, has dismissed an application filed by M/s Imperial Banquets & Dining Private Limited seeking to initiate a Corporate Insolvency Resolution Process (CIRP) against itself. The NCLT concluded that the company’s true intention was to evade its substantial financial obligations to the Delhi Tourism and Transportation Development Corporation Limited (DTTDC), rather than genuinely seeking a resolution under the Insolvency and Bankruptcy Code (IBC), 2016. Imperial Banquets &am...