The Mumbai bench of the National Company Law Tribunal (NCLT) admitted the Section 7 Insolvency and Bankruptcy Code,2016 (“I&B Code”) petition filed by the petitioner for Rs 6.49 crore, holding that the default occurred before the COVID-19 moratorium. The Tribunal rejected the limitation and Section 10A objections and appointed Mr Santanu T. Ray as Interim Resolution Professional, and imposed a moratorium under Section 14 of the Insolvencyand Bankruptcy Code, 2016.
In the instant case, Omkara Assets Reconstruction Private Limited, the financial creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against Ego…