CIRP Admission Upheld as Debt Exceeded Arbitral Award & Default Was Undisputed: NCLAT Delhi

Vikram Sharma Vs Canara Bank (NCLAT Delhi) The NCLAT Delhi considered an appeal filed by the suspended director of the corporate debtor challenging the order of the National Company Law Tribunal (NCLT), Mumbai, which had admitted an application under Section 7 of the Insolvency and Bankruptcy Code (IBC) and initiated the Corporate Insolvency Resolution Process (CIRP). The corporate debtor, a special purpose vehicle incorporated to execute a road project, had availed financial assistance from a consortium of lenders, including a term loan and additional facilities from the financial creditor. D...