NCLAT Delhi disallows Related Party Debt Assignment Post-CIRP Commencement

Greenshift Initiatives Pvt. Ltd. Vs Sonu Gupta (NCLAT Delhi) National Company Law Appellate Tribunal (NCLAT) Delhi has dismissed an appeal filed by Greenshift Initiatives Pvt. Ltd., upholding the Adjudicating Authority’s decision to deny the appellant a seat in the Committee of Creditors (CoC). The case involved the Corporate Insolvency Resolution Process (CIRP) of Rolta Bi & Big Data Analytics Pvt. Ltd. The CIRP commenced on October 13, 2023, and the public announcement inviting claims was issued on October 16, 2023, with a deadline of October 28, 2023. Subsequently, on November 6, ...