In a recent case, the New Delhi bench of the National Company Law Appellate Tribunal (NCLAT) has held that termination of a Concession Agreement does not discharge the Corporate Debtor‘s liability to repay when such termination has no relation to the default committed by the Corporate Debtor.
The suspended director of the Corporate Debtor (CD) filed appeal to challenge the order of NCLT which allowed the application filed by the Financial Creditor (Union Bank of India) under Section 7 of the Insolvency and Bankruptcy Code, 2016 (‘Code’) for initiation of the Corporate Insolvency Resolution Process against Supreme Manor Wada Bhiwandi Infrastructure Pvt. Ltd. (CD) and Sudip Bhattacharya was appointed as the Interim…