Deciding two connected writ petitions arising from a common Industrial Tribunal Award, the Delhi High Court set aside the Tribunal's direction granting hotel workmen a further…
Labour Laws
06/09/20264 min read
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Adjudicating Authority Rejects Application For Initiating Personal Insolvency Resolution Process Due To Forum Shopping: NCLT Delhi [Read More]
Insolvency & Bankruptcy Code
The National Company Law Tribunal, Delhi Bench, comprising Shri Bachu Venkat Balram Das (Judicial Member) and Shri Atul Chaturvedi (Technical Member), dismissed an application under Section 95 of the Insolvency and Bankruptcy Code, 2016, filed by M/s. Intec Capital Limited against Ms. Parul Upadhyay, a director of M/s. IAP Company Private Limited. \r
The tribunal found that the applicant had engaged in forum shopping by approaching multiple legal avenues, including arbitration and proceedings under the Negotiable Instruments Act, before filing for personal insolvency resolution. It was noted that the respondent was not specifically named as a personal guarantor in the loan agreement, but rather as a co-borrower with joint and several liabilities. \r
Consequently, the tribunal concluded that the application lacked merit and was not maintainable, rejecting the plea for initiating personal insolvency proceedings against the respondent.
