Bombay HC: Insolvency Cannot be Used to Evade a Family Court’s Maintenance Order  ||  Kerala HC: Forklifts and Factory Cranes Are Motor Vehicles and Must be Registered under MV Act  ||  Guj HC: Edible Crude Palm Kernel Oil Qualifies for Duty Exemption; End-Use Condition not Applicable  ||  NCLAT Delhi: Advance under Land-Development MoU is not Financial Debt and Cannot Trigger CIRP  ||  NCLAT: NCLT Cannot Change Capital Structure of a Legally Compliant Successful Auction Purchaser  ||  Supreme Court: Endless Investigation and Long Delay in Filing Chargesheet Can Justify Quashing Case  ||  SC: Landowners Accepting Compensation Settlements Cannot Later Claim Statutory Benefits  ||  Supreme Court: Provident Fund Dues Have Priority over a Bank’s Claim under the SARFAESI Act  ||  Supreme Court: Indian Courts Cannot Appoint Arbitrators for Arbitrations Seated Outside India  ||  Madras HC: Police Superintendent not Liable For IO’s Delay In Filing Chargesheet or Closure Report    

NCLAT: Pendency of Suit Against Financial Creditor No Bar for Starting Proceedings under Sec 7 IBC - (14 Oct 2019)

INSOLVENCY

National Company Law Appellate Tribunal has ruled that pendency of a suit filed by the corporate debtor against a financial creditor cannot restrain it from starting insolvency proceedings under Section 7 of Insolvency and Bankruptcy Code, 2016. The Tribunal also reiterated that pre-existing dispute cannot be a subject matter of Section 7 although it may be relevant under Section 9 of IBC.

Tags : NCLAT   FINANCIAL CREDITOR  

Share :        

Disclaimer | Copyright 2025 - All Rights Reserved