In a seemingly unprecedented order, the National Company Law Tribunal, Mumbai bench rejected an application filed by a corporate debtor under Section 10 of the Insolvency and Bankruptcy Code(IBC) with Rs.10 lakhs costs, on finding that it was filed suppressing winding up order passed against it by the High Court.
The suppression was detected almost at the fag end of the Corporate Insolvency Resolution Process(CIRP), when a resolution plan approved by the Committee of Creditors was submitted before the NCLT for its approval.
At this stage, one of the several financial creditors of the applicant informed the bench that the Bombay High Court had passed a liquidation order against the company on January 25, 2017.
The application filed by Amar…
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