CIRP Admitted Due to Established Loan Default Despite Pending Arbitration Challenge

J.C. Flowers Asset Reconstruction Pvt. Ltd. Vs Bliss House Private Limited (NCLT Delhi) The petition before the National Company Law Tribunal Delhi was filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 by a financial creditor seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against the corporate debtor. The financial creditor, an asset reconstruction company registered under the Companies Act, 2013 and the SARFAESI Act, had acquired rights in relation to a loan originally granted by Sammaan Capital Limited (formerly Indiabulls Housing Finance Limited). T...