CIRP cannot be Initiated u/s 7 of IBC on Transfer Agreement for Purchase of Debentures from Financial Creditors: NCLT [Read Order]
The NCLT observed that the Corporate Insolvency Resolution Process (CIRP) cannot be initiated under Section 7 of IBC on transfer agreement for purchase of debentures from financial creditors
By Kalyani B. Nair - On February 22, 2024 11:29 am - 2 mins read
The Mumbai Bench of the National Company Law Appellate Tribunal ( NCLT ) observed that the Corporate Insolvency Resolution Process ( CIRP ) cannot be initiated under Section 7 of the Insolvency and Bankruptcy Code, 2016 ( IBC ) on transfer agreement for purchase of debentures from financial creditors. The Company Petition filed under section…
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