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Pendency of civil suit against financial creditor can’t be a predicament to initiate CIRP against corporate debtor

October 20, 2020[2020] 120 taxmann.com 95 (NCLT-Chd.)
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IBC : Where civil suit was filed by corporate debtor for compelling bank to accept its OTS and not for a declaration that it was not liable to pay debt, pendency of such suit could not be a predicament to initiate CIRP against corporate debtor

IBC : Interim stay order in civil suit restraining financial creditor from taking any action for recovery of outstanding loan from corporate debtor would not come in way of Adjudicating Authority to initiate CIRP proceedings against corporate debtor

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