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Section 65 IBC Application Rejected for Lack of Proof of Fraudulent CIRP Initiation: NCLT Chandigarh
Case Law Details
- Case Name
- Dr. Vijay Vohra Vs Himalaya Food International Ltd (NCLT Chandigarh)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- NCLT
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Dr. Vijay Vohra Vs Himalaya Food International Ltd (NCLT Chandigarh)
The application was filed under Section 65(1) of the Insolvency and Bankruptcy Code, 2016, read with Rule 11 of the NCLT Rules, seeking action against the financial creditor for allegedly initiating insolvency proceedings fraudulently and with malicious intent. The applicant, a promoter shareholder and director of the corporate debtor, contended that the Section 7 petition was filed for purposes other than insolvency resolution. He alleged that the financial creditor had fraudulently created credit facilities...
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