IBC Proceedings Not Barred By Pending Writ Petition Or Administrative Classification Of Account As NPA Or Fraudulent: NCLT Kochi

The NCLT, Kochi, has ruled that "IBC proceedings are not barred by a pending writ petition or administrative classification of an account as NPA or fraudulent." This is a significant ruling that provides clarity on the legal standing of claims made by the EPFO during the corporate insolvency resolution process. The court's decision, which is a significant victory for the government, was made on the grounds that the company's claim was not supported by evidence. The ruling clarifies that a company can be held responsible for the misdeeds of another person.