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NCLT admits insolvency plea as there was overwhelming evidence to prove default on part of corporate debtor

April 19, 2019[2019] 105 166 (NCLT - New Delhi)

IBC: Where there were overwhelming evidence to prove default, instant petition to initiate CIRP against corporate debtor was to be admitted

IBC: Pendency of proceedings before arbitrator would not cause any impediment with regard to initiation of CIRP

IBC: Object of I&B Code is to resolve insolvency which can not be achieved unless petition to initiate CIRP is admitted and said petition can be withdraw after admission if requirements of section 12A are fulfilled

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