In a recent case, the National Company Law Tribunal (NCLT) New Delhi Bench has held that provisions of moratorium is not applicable to transactions which might be notified by Central Government and admitted the Insolvency application in establishment of default debt.
The Company Application filed under section 7 of the Insolvency and Bankruptcy Code, 2016 (“the Code”) by M/s Authum Investment & Infrastructure Limited seeking to initiate CorporateInsolvency Resolution Process (“CIRP”) against M/s Mohanbir Hi-Tech Build Private Limited (“Corporate Debtor”).
The Corporate Debtor was incorporated under the Companies Act, 2013. The application was filed before the Adjudicating Authority on the ground…