Financial creditor can prefer application u/s. 7 of IBC even after possession over assets of corporate debtor

SREI Equipment Finance Limited Vs Roadwings International Private Limited (NCLT Kolkata)

NCLT Kolkata held that a secured creditor having possession over the assets of the corporate debtor does not lose its rights to file an application under Section 7 of the Insolvency and Bankruptcy Code.

Facts- The instant company petition is filed under Section 7 of the Insolvency and Bankruptcy Code, for brevity I&B Code, read with Rule 4 of the Insolvency and Bankruptcy (Application to the Adjudicating Authority) Rules, 2016, by “SREI Equipment Finance Limited”

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