NISHANT

Rejection of application by corporate debtor for initiation of corporate insolvency resolution process.

NISHANT MEHROTRA 5 Feb 2018

Rejection of application by corporate debtor for initiation of corporate insolvency resolution process.

NCLAT :: in Unigreen Global (P.) Ltd. v. Punjab National Bank :: Section 10 IBC, 2016.


(A) Where application of corporate debtor for initiation of insolvency resolution is rejected in the absence of any reasons recorded by the Adjudicatory Authority, such order cannot be upheld, particularly when record does not show that the applicant has suppressed any facts or has come with unclean hands – Section 10 IBC.


(B) Non-disclosure of facts can be no ground to dismiss application for initiation of corporate insolvency resolution process – Sections 7, 10 and 11 IBC.


(C) Order of penalty is liable to be set aside if it has been passed in violation of rules of natural justice – Section 10 read with section 65 IBC.

Did you find this write up useful? YES 0 NO 0
User Comments
Send
Digital Payment Systemview all

Active Members

Have you activated yours ?

New Members view all