Holder of recovery certificate is financial creditor, entitled to initiate CIRP

Kotak Mahindra Bank Limited Vs A. Balakrishnan (Supreme Court) Facts- The present appeal challenges the judgment and order passed by NCLAT, thereby allowing the appeal filed by the respondent no. 1 – Director and reversing the order passed by NCLT, whereby the application filed by the appellant under Section 7 of the Insolvency and Bankruptcy Code, 2016 was admitted. The learned NCLAT while allowing the appeal held that the application filed by the appellant was time­barred and that issuance of Recovery Certificate would not trigger the right to sue. Conclusion- To conclude, we hold that...