CIRP cannot be initiated by Financial Creditor against Successful Resolution applicant on Default of Payment on Resolution Plan: NCLT

CIRP cannot be initiated by Financial Creditor against Successful Resolution applicant on Default of Payment on Resolution Plan, rules NCLT
CIRP - Financial Creditor - Resolution applicant - Payment on Resolution Plan - NCLT - taxscan

The Mumbai Bench of the National Company Law Tribunal (NCLT) ruled that the Corporate Insolvency Resolution Process (CIRP) cannot be initiated by Financial Creditor against Successful Resolution applicant on default of payment on Resolution Plan. The Company petition was filed by ICICI Prudential Real Estate AIF I Acting through its Investment Manager ICICI Prudential Asset…

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