The National Company Law Tribunal, Delhi Bench, comprising Shri Bachu Venkat Balram Das (Judicial Member) and Shri Atul Chaturvedi (Technical Member), while adjudicating an application under Section 95 of Insolvency and Bankruptcy Code, 2016 (IBC, 2016) has held that the applicant has approached all possible forums for remedies, constituting forum shopping. It was stated that this conduct indicates the applicant did not approach the Adjudicating Authority with clean hands.
Background Facts
Ms. Parul Upadhyay (Respondent/ Personal Guarantor) is the Director of M/s. IAP Company Private Limited (Corporate Debtor). M/s. Intec Capital Limited (Financial Creditor/ Applicant) was approached by the Corporate Debtor through its promotors/sharehol…
Read the full article at: https://www.livelaw.in/ibc-cases/nclt-delhi-adjudicating-authority-application-initiating-personal-insolvency-resolution-process-forum-shopping-260823