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If the IRP of the personal guarantor was completed and bankruptcy proceedings had been initiated before the DRT, no useful purpose would be served by transferring the proceedings to the NCLT, the Court held.
NCLT Mumbai on Friday admitted a petition initiating the Corporate Insolvency Resolution Process (CIRP) against Pancard Clubs Limited.
The Bench reiterated that that unpaid instalments under a settlement agreement cannot be treated as operational debt as per Section 5(21) of the IBC.
NCLT Delhi dismissing a petition for initiation of CIRP held that pending interest amount does not amount to “debt” for initiation of CIRP when the principal amount is paid by the debtor.