Application U/S 19(2) Of IBC Is Not Maintainable Against Third Party: NCLT Delhi

The National Company Law Tribunal (NCLT), Chandigarh bench of Shri Bachu Venkat Balaram Das (Judicial Member) and Shri Atul Chaturvedi(Technical Member), has held that an application under section 19(2) of the Insolvency & Bankruptcy Code, 2016 (“Code”), filed by the Resolution Professional (“RP”) to collect information for effective conduct of Corporate Insolvency Resolution Process (“CIRP”)…

Fraud Or Malicious Intent U/S 65 Of IBC Is Proven If Terms Of Loan Extended By Financial Creditor Are Designed To Cause Default: NCLT

The National Company Law Tribunal (NCLT), New Delhi bench of Shri Manni Sankariah Shanmuga Sundaram (Judicial Member) and Dr. Sanjeev Ranjan (Technical Member) held that a Petition under Section 7 of Insolvency & Bankruptcy Code, 2016 (“Code”) is proved to have been filed with Fraud or Malicious intent under Section 65 of the Code if…