An application under Section 66 of IBC may be maintainable against the persons who were responsible for the management of the corporate debtor
The National Company Law Tribunal (NCLT), New Delhi bench has held that third parties who sold land to the Corporate Debtor cannot be said to fall within the ambit of expression “any persons who were knowingly parties to the carrying on the business of the Corporate Debtor” as used in Section 66 of the Insolvency and Bankruptcy Code, 2016 (“Code”).
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The Corporate Insolvency Resolution Process (CIRP) was started by the Tribunal against M/s Three C Universal Developers Private Limited (the “Corporate Debtor”)…
