While dismissing the appeal, the court held that there was no extraordinary circumstance warranting the Court to entertain a writ petition when there is an alternative remedy
According to the Madras High Court, situations in which the default persists after the moratorium term is not covered by the proviso to Section 10-A of the Insolvency and Bankruptcy Code (IBC), 2016. According to the court, Section 10-A merely places a temporary hold on the start of the Corporate Insolvency Resolution Process (CIRP).
Since 2017, Evershine Wood Packaging Private Limited, the corporate debtor, has operated a timber business and taken use of a number of credit options offered by Indian Bank. Due to the corporate debtor’s failure to make loan or debt…
