Leo Duct Engineers & Consultants Limited, the corporate applicant, filed an application under Section 10 of the Insolvency and Bankruptcy Code (IBC). The NCLT, Mumbai Bench, dismissed the application, citing concerns about the impact on financial creditors who had already initiated proceedings under the SARFAESI Act. The NCLT believed that admitting the application would allow the corporate debtor to avoid repossession of immovable properties and provide undue protection to borrowers and guarantors.
Leo Duct Engineers & Consultants Limited, as the corporate applicant, filed an application under Section 10 of the Insolvency and Bankruptcy Code (IBC). Canara Bank and Standard Chartered Bank, the financial creditors, opposed the application. The Adjudicating Authority (NCLT, Mumbai Bench) dismissed the application, citing concerns about the impact on financial creditors who had already initiated proceedings under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act). The NCLT believed that admitting the application would allow the corporate debtor to avoid repossession of immovable properties and provide undue protection to borrowers and guarantors. The NCLT noted that the corporate debtor appeared
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NCLT, Mumbai Bench, passed an order in CP No.…
Appellate Tribunal's judgement dated 1st…
Leo Duct Engineers & Consultants Limited, the corporate applicant, filed an application under Section 10 of the Insolvency and Bankruptcy Code (IBC). The NCLT, Mumbai Bench, dismissed the application, citing concerns about the impact on financial creditors who had already initiated proceedings under the SARFAESI Act. The NCLT believed that admitting the application would allow the corporate debtor to avoid repossession of immovable properties and provide undue protection to borrowers and guarantors.
Leo Duct Engineers & Consultants Limited, as the corporate applicant, filed an application under Section 10 of the Insolvency and Bankruptcy Code (IBC). Canara Bank and Standard Chartered Bank, the financial creditors, opposed the application. The Adjudicating Authority (NCLT, Mumbai Bench) dismissed the application, citing concerns about the impact on financial creditors who had already initiated proceedings under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act). The NCLT believed that admitting the application would allow the corporate debtor to avoid repossession of immovable properties and provide undue protection to borrowers and guarantors. The NCLT noted that the corporate debtor appeared
…NCLT, Mumbai Bench, passed an order in CP No.…
Appellate Tribunal's judgement dated 1st…