NCLT Mumbai: CIRP Can't Be Initiated U/S 7 Of IBC Based On Transfer Agreement For Purchase Of Debentures From Financial Creditors

The National Company Law Tribunal ('NCLT') Mumbai, comprising Justice V.G. Bisht, (Retd.) (Judicial Member) and Mr. Prabhat Kumar (Technical Member) held that the Corporate Insolvency Resolution Process ('CIRP') under Section 7 of Insolvency and Bankruptcy Code, 2016 ('IBC') cannot be initiated based on Transfer Agreement/promise for purchase of Debentures from...