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Pendency of winding up plea before HC could not be a bar for initiating insolvency proceeding under IBC

March 14, 2019[2019] 104 71 (NCLT - New Delhi)

IBC: Where application under section 7 against corporate debtor was complete in all respects and financial creditor had placed on record voluminous and overwhelming evidence to prove default and default was also acknowledged by corporate debtor, said application was to be admitted

IBC: Pendency of proceedings under SARFAESI Act, 2002 and Debt Due to Banks and Financial Institutions Act, 1993 cannot be an impediment or bar to initiate corporate insolvency process against corporate debtor

IBC: Where financial creditor sanctioned financial facilities to corporate debtor and said facilities were secured by equitable mortgage of properties of corporate debtor, thus, when corporate debtor commited default on 30-6-2013, instant application for CIRP filed on 31-8-2017 was within limitation period of twelve years and same was to be admitted

IBC: Pendency of winding up petition before High Court will not be a bar for initiating proceedings under section 7

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