NCLAT Delhi: CIRP Can’t Be Modified On Project Basis On Request Of Financial Creditor When CIRP Is Against Company
The National Company Law Appellate Tribunal, Principal Bench, New Delhi comprising of Justice Ashok Bhushan and Mr. Barun Mitra, dismissed an application filed in Kotak Mahindra Bank Ltd. vs. Ltd. to confine the Corporate Insolvency Resolution Process filed by Kotak Mahindra Bank Ltd. only in respect of one project of Universal Buildwell Pvt. The Appellate Tribunal held that when the NCLT initially ordered the commencement of insolvency proceedings against the Corporate Debtor based on the application of the Financial Creditor, it could not have modified the initiation of CIRP by confining it to only one project. The Financial Creditor had filed an application before NCLT, New Delhi to confine CIRP only in respect of the Universal Aura Project and that the other projects of the Corporate Debtor viz.
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