https://www.taxtmi.com/caselaws?id=399509 The National Company Law Tribunal, Mumbai Bench, rejected a Company Petition seeking Corporate Insolvency Resolution Process against a Corporate Debtor due to Supreme Court orders prohibiting asset alienation, despite the Debtor's admission of liability. The Tribunal found the Operational Creditor's reliance on a previous NCLAT order insufficient and clarified that the dismissal did not prejudice the Creditor's rights in other forums. The decision was communicated to the parties in compliance with the Insolvency & Bankruptcy Code provisions. en-us Tue, 28 Apr 2020 00:00:00 +0530 Tue, 13 Oct 2020 12:36:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=399509 The National Company Law Tribunal, Mumbai Bench, rejected a Company Petition seeking Corporate Insolvency Resolution Process against a Corporate Debtor due to Supreme Court orders prohibiting asset alienation, despite the Debtor's admission of liability. The Tribunal found the Operational Creditor's reliance on a previous NCLAT order insufficient and clarified that the dismissal did not prejudice the Creditor's rights in other forums. The decision was communicated to the parties in compliance with the Insolvency & Bankruptcy Code provisions. Case-Laws Insolvency and Bankruptcy Tue, 28 Apr 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=399509