The National Company Law Tribunal Bench of Shri Mahendra Khandelwal (Judicial Member) and Shri Atul Chaturvedi (Technical Member) dismissed a Section 10 application filed under the Insolvency & Bankruptcy Code, 2016 (“the code”) holding that the Corporate Applicant cannot take the shield of CIRP to avoid the legally recoverable government dues.
Background Facts:
M/s Imperial Banquets & Dining Private Limited (‘Corporate Applicant’) was set up in the form of a Special Purpose Vehicle to operate, manage, and transfer a fine dining restaurant with banquet facilities at Delhi Haat, Janakpuri, New Delhi.
On 11.12.2015, it entered into a Concession Agreement with Delhi Tourism and Transportation Development Corporation…
