In his argument, Union Banks advocate said the IBC is a consolidating law relating to insolvency of corporate entities which provides for resolution of the corporate debtor before ordering liquidation.Citing legal precedents and rules under the Insolvency and Bankruptcy Code (IBC), Union Bank of India on Wednesday argued before the National Company Law Tribunal (NCLT) that insolvency proceedings can be triggered against Era Infra even if winding-up petitions were pending before the Delhi High Court. Union Bank had filed an insolvency petition against Era Infra, which owes the public sector lender R681 crore in term loans and $11 million in ECBs, under Section 7 of the IBC. The maintainability of the insolvency petition is …
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