Proceedings pending doesn’t preclude financial creditor to proceed u/s. 7 of IBC

Sunil Kumar Sharma Vs ICICI Bank Limited (NCLAT Delhi) NCLAT Delhi held that the pendency of proceedings before the NCLT for approval of the scheme of arrangement does in no manner either shall suspend the default committed by the Corporate Debtor or preclude the Financial Creditor to proceed with Section 7 application. Facts- Present Appeals have been filed by a Suspended Director of the Corporate Debtor, challenging the Orders dated 03.06.2024 passed by Adjudicating Authority. By the Impugned Order dated 03.06.2024, the Adjudicating Authority has admitted Section 7 Application filed by the I...