Prospective NHAI Recoveries No Basis to Term Insolvency Plea Malicious: NCLT Mumbai

Advertisement Canara Bank Limited Vs HK Toll Road Private Limited (NCLT Mumbai) Financial Viability and Prospective NHAI recoveries were no basis to call the Insolvency Plea malicious: NCLT Mumbai Conclusion: An application filed by HK Toll Road Private Limited was dismissed alleging that the insolvency proceedings initiated by Canara Bank were malicious and intended solely for debt recovery holding that the existence of financial debt and default could not be disregarded merely because the corporate debtor claims future recoveries from the National Highways Authority of India (NHAI). Held...