CIRP Can Be Initiated Against Corporate Debtor Even on Principal-Agent Relationship

S.A. Consultants & Forwarders Pvt. Ltd. Vs Prime Cargo Movers & Logistics Pvt. Ltd. (NCLT Mumbai) Introduction: In a landmark decision, the National Company Law Tribunal (NCLT) Mumbai Bench has ruled in favor of S.A. Consultants & Forwarders Pvt. Ltd. (Operational Creditor) against Prime Cargo Movers & Logistics Pvt. Ltd. (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016. This ruling, dated [insert date], affirms that a Corporate Insolvency Resolution Process (CIRP) can be initiated even when the Corporate Debtor claims to be acting as an agent on b...