NCLT Admits Section 7 Plea as DRT Recovery Certificate Created Fresh Cause of Action

IDBI Bank Limited Vs Minwool Rock Fibres Limited (NCLT Cuttack) The National Company Law Tribunal (NCLT), Cuttack Bench, considered an application filed by IDBI Bank Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against Minwool Rock Fibres Limited for an alleged financial debt of Rs. 20,17,10,235.01. The amount comprised the decretal sum awarded by the Debts Recovery Tribunal (DRT) together with accrued interest, and the Financial Creditor relied upon the Recovery Certificate issued by the D...