Case Summary Sri Babu A Dhammanagi vs Union of India

Babu A. Dhammanagi Vs Union of India (High Court of Karnataka)  Facts of the Case: The Corporate Debtor and the Financial Creditor Perminal Enterprise, the Respondents in this case, signed an Inter Corporate Deposit Agreement. The Respondents filed an application under section 95(1) of the code r/w section 7(2) of the Insolvency and Bankruptcy Code. Under section 97 of the Insolvency and Bankruptcy Code, the NCLT issued an interim moratorium and appointed Resolution Professional. Under section 99(1) of the law, the Resolution Professional submitted a report to NCLT recommending that the Finan...