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Jun 30, 2020

Fraudulent Initiation of Insolvency Proceedings

The Supreme Court in Beacon Trusteeship Limited v. Earthcon Infracon Private Limited[1] held that the NCLT has the power to inquire into the fraudulent initiation of insolvency proceedings under Section 65 of the Insolvency and Bankruptcy Code, 2016 (‘IBC’). However, such pleas cannot be raised for the first time before appellate authorities i.e. National Company Law Appellate Tribunal (‘NCLAT’) and must be taken up before the NCLT.

[1] Civil Appeal No. 7461 of 2019.

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These are the views and opinions of the author(s) and do not necessarily reflect the views of the Firm. This article is intended for general information only and does not constitute legal or other advice and you acknowledge that there is no relationship (implied, legal or fiduciary) between you and the author/AZB. AZB does not claim that the article's content or information is accurate, correct or complete, and disclaims all liability for any loss or damage caused through error or omission.

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