RP Entitled to Reclaim Leased EV Fleet During CIRP: NCLT Upholds Corporate Debtor’s Assets Must Be Preserved During CIRP [Read Order]

The National Company Law Tribunal (NCLT) has held that a Resolution Professional (RP) is entitled to reclaim leased electric vehicles belonging to a Corporate Debtor during the Corporate Insolvency Resolution Process (CIRP) and also stated that preservation and recovery of assets forming part of the insolvency estate is a statutory obligation under the Insolvency and…

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₹117.74 Cr Debt Default Leads to CIRP against Toll Road Company: NCLT Admits Sec. 7 Insolvency Plea by Indian Overseas Bank [Read Order]

The National Company Law Tribunal (NCLT), Principal Bench, New Delhi, has admitted an insolvency petition filed by Indian Overseas Bank against Mhow Ghatabill Toll Roads Pvt. Ltd. under Section 7 of the Insolvency and Bankruptcy Code, 2016. The tribunal noted that the corporate debtor defaulted on repayment obligations, with dues amounting to ₹117.74 crore (inclusive of…