The NCLT held that the liability of the Corporate Debtor cannot be extinguished simply because CIRP has been initiated against the Principal Borrower
The Delhi bench of the National Company Law Tribunal ( ‘NCLT’ ) held that the Debt Assignment Deed cannot be challenged in a Corporate Insolvency Resolution Process ( ‘CIRP’ ) under Section 7 of the Insolvency and Bankruptcy Code, 2016 ( ‘IBC’ ). CFM Asset Reconstruction Private Limited ( “applicant” ), a company incorporated under…
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