Application u/s 65 of IBC could be maintained even before Admission Insolvency petition: NCLAT
The NCLAT held that rejection of the application under section 65 was legally incorrect. Section 65 of the IBC serves major purpose of restricting fraudulent or malicious CIRP petitions from being admitted therefore interpretation given by the NCLT to this provision was not sustainable.
The Delhi Principal bench of the National Company Law Appellate Tribunal (NCLAT) held that an application under section 65 of the Insolvency and Bankruptcy Code (IBC) can be considered even before formal admission of the Corporate Insolvency Resolution Process (CIRP) petitions. The appeal is against two orders passed by the NCLT wherein a petition under…
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