Termination of concession agreement not co-related with default in repayment of dues

Vikram Bhawanishankar Sharma Vs Union Bank of India & Anr (NCLAT Delhi) NCLAT Delhi held that termination of concession agreement has no relation with default in repayment of dues of the Financial creditor. Accordingly, application u/s. 7 of IBC rightly admitted against Supreme Manor Wada Bhiwandi Infrastructure Pvt. Ltd. [Corporate Debtor] as debt and default established. Facts- This appeal is filed by the suspended director of the Corporate Debtor (CD) to challenge the order dated 19.05.2023 filed by the Financial Creditor (Union Bank of India) u/s. 7 of the Insolvency and Bankruptcy Co...