Pendency Of Proceedings Before DRT, SARFAESI Or Others - Not A Bar For Initiating CIRP
Last updated: 18 May 2022
Court :
NCLAT Chennai Bench
Brief :
The Hon’ble NCLAT held that in view of the provisions of Section 238 of the IBC 2016 the financial Creditor/ Operational Creditor/Corporate Persons can file an application under Section 7 ,9 & 10 of the I & B Code, 2016 before the respective Adjudicating Authorities even though in respect of same any proceeding pending before other forums on the ground that the provisions of I & B Code, 2016 is overriding effect of other laws. It means that if proceedings before DRT is going on against an entity, then also CIRP Application under provisions of Sections 7, 9 & 10 will be maintainable.
Citation :
Company Appeal (AT) (CH) (Ins) No. 130 of 2022
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FCS Deepak Pratap Singh
Published in Corporate Law
Views : 6761
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