NCLT imposes penalty on Financial Creditor for Fraud & terminates CIRP

Electroparts (India) Private Limited Vs Videocon Infinity Infrastructure Private Limited (NCLT Kolkata) Order1 dated 18th July, 2022 of the NCLT in the matter of Infinity Infotech Parks Limited Vs. Electroparts (India) Private Limited & Anr. [I.A (IBC) No. 907/KB/2021 in C.P. (IB) No. 140/KB/2021] The NCLT vide its order dated 18th July, 2022 terminated the corporate insolvency resolution process (CIRP) initiated against Videocon Infinity Infrastructure Private Limited (CD) and imposed a penalty of penalty of Rs.50 lakh on FC under section 65 of the Code. I. Brief Background: The order of ...