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HC rejects writ petition as effective alternative remedy of appeal before NCLAT was available to petitioner u/s 61

September 29, 2020[2020] 119 447 (TELANGANA)

IBC: Where petitioner filed writ petition challenging order of NCLT admitting petition for initiation of corporate insolvency resolution process of corporate debtor on ground that respondents had manipulated and falsified accounts and misappropriated funds apart from committing fraud, it was held that said aspects could be considered by NCLAT, if appeals were preferred by petitioners under section 61 to it and, therefore, writ petition could not be entertained since petitioners had an effective alternative remedy before NCLAT under section 61

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