The National Company Law Appellate Tribunal (NCLAT), Principal Bench, has allowed IDBI Trusteeship to initiate Corporate Insolvency Resolution Process (“CIRP”) as there is a valid authorization from the assignee of the Debt.
The Appeal has been filed by the Suspended Director of the Corporate Debtor (“CD”) – Advantage Raheja Hotels Private Limited challenging the order dated 17.12.2024 passed by National Company Law Tribunal, Mumbai Bench, Court-II admitting Section 7 application filed by IDBI Trusteeship Services Limited (“IDBI Trusteeship”). By order dated 17.12.2024, Corporate Insolvency Resolution Process (“CIRP”) has been commenced against the CD and Shri Jayesh Natvarlal Sanghrajka has been…