https://www.taxtmi.com/caselaws?id=310499 The NCLT Ahmedabad admitted an application under Section 10 of IBC for initiation of CIRP against a corporate debtor. The debtor owed over Rs. 1 crore to various banks and had defaulted on payments. The tribunal rejected arguments that pending recovery proceedings should bar the application, noting that HDFC Bank's SARFAESI notice came after the IBC application was filed, while SBI's default notice preceded it by three months. Finding no ulterior motive and confirming the debt exceeded the statutory threshold with established default, the tribunal deemed it appropriate for CIRP admission. en-us Wed, 10 Aug 2022 00:00:00 +0530 Sat, 28 Oct 2023 08:35:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=310499 The NCLT Ahmedabad admitted an application under Section 10 of IBC for initiation of CIRP against a corporate debtor. The debtor owed over Rs. 1 crore to various banks and had defaulted on payments. The tribunal rejected arguments that pending recovery proceedings should bar the application, noting that HDFC Bank's SARFAESI notice came after the IBC application was filed, while SBI's default notice preceded it by three months. Finding no ulterior motive and confirming the debt exceeded the statutory threshold with established default, the tribunal deemed it appropriate for CIRP admission. Case-Laws Insolvency and Bankruptcy Wed, 10 Aug 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=310499