Since NCLT had the power to issue such an order under Section 7 of the law, the decision to admit CTPPL into CIRP was not without jurisdiction
The National Company Law Tribunal, Mumbai bench partially granted Canara Bank’s interim plea concerning the CIRP of Carnival Techno Park Pt. Ltd (CTPPL). Although Canara Bank’s request to recall CIRP admission was denied by the Tribunal, the forensic audit was permitted to look into the validity of the RCFL claim and its classification as secured financial debt.
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The application stems from Carnival Techno Park Pvt. Ltd.’s (CTPPL) Corporate Insolvency Resolution Process (CIRP), which is…
