Initiation of Assignment Agreement by Corporate Debtor is Malafide Act to Prolong CIRP: NCLAT upholds Decision of NCLT

The NCLAT viewed that allowing assignments could potentially distort the balance of creditor rights and influence the outcome of the resolution process unfairly
NCLT - Malafide act – CIRP - Assignment Agreement by Corporate Debtor - National company law tribunal - National company law appellate tribunal - Corporate Insolvency Resolution Process - TAXSCAN

While Upholding the decision of the National Company Law Tribunal ( NCLT ), the National Company Law Appellate Tribunal ( NCLAT ) held that Assignment Agreement initiated by the Corporate Debtor was a deliberate strategy intended to introduce obstacles and prolong the Corporate Insolvency Resolution Process ( CIRP ). Rolta Private Limited, Corporate Debtor, submitted…

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