DBS Bank Limited, a financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Hindusthan National Glass & Industries Limited, the corporate debtor, seeking initiation of the corporate insolvency resolution process (CIRP). The financial creditor claimed a default of Rs. 54,542,606.31 as of December 31, 2019. The corporate debtor opposed the application, arguing that it was not maintainable, as the financial creditor had already chosen an alternative mode of resolution and was pursuing measures for restructuring its accounts. The corporate debtor also contended that the legislative intent of the Code was not to force corporate persons into liquidation and that the application was an abuse of the process of law. The

DBS Bank Limited, a financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Hindusthan National Glass & Industries Limited, the corporate debtor, seeking initiation of the corporate insolvency resolution process (CIRP). The financial creditor claimed a default of Rs. 54,542,606.31 as of December 31, 2019. The corporate debtor opposed the application, arguing that it was not maintainable, as the financial creditor had already chosen an alternative mode of resolution and was pursuing measures for restructuring its accounts. The corporate debtor also contended that the legislative intent of the Code was not to force corporate persons into liquidation and that the application was an abuse of the process of law. The