Stay on NCLT Order Initiating Insolvency Proceedings against MSME

Pankaj Aggarwal Vs Union of India & Ors. (Delhi High Court) FACTS The present petition has been filed by Mr. Pankaj Aggarwal (hereinafter referred as the Petitioner) challenging the order passed by the NCLT on 29.05.2020. The Petitioner is one of the Promoter-Directors of the Company M/s VMA Enterprises Pvt. Ltd. (hereinafter referred as the Petitioner company) against which Corporate Insolvency Resolution Process (CIRP) was initiated by Panoli Intermediates (India) Pvt. Ltd. under section 9 of the Insolvency and Bankruptcy Code, 2016 (I&B Code) read with Rule 6 of the Insolvency and B...