The National Company Law Tribunal (NCLT) has clarified that a pending challenge to an arbitral award does not prevent insolvency proceedings under the Insolvency and Bankruptcy Code. Also confirmed a default of ₹922 crore and commenced Corporate InsolvencyResolution Process (CIRP).
Bliss House Private Limited, engaged in real estate and construction, had availed a loan facility of ₹105 crore from Sammaan Capital Limited (formerly Indiabulls Housing Finance Limited) under a loan agreement dated 29 March 2019. The loan was secured through mortgage deeds, hypothecation, guarantees, and pledges executed by RAB group entities, with Rana Kapoor and Bindu Kapoor standing as personal guarantors.
In March 2020,…