NCLT dismisses insolvency plea against Era Infrastructure
The Delhi bench of the National Company Law Tribunal (NCLT) has dismissed ICICI Bank's plea to initiate insolvency proceedings against Era Infrastructure.
 
Dismissing the case on account of "duplication", it said that the "petition cannot be entertained".
 
The bench noted that the private lender has already raised similar claims against parent company Era Infra Engineering, which is currently undergoing resolution process. 
 
"This is again raised for admission in the present proceeding. Such a course obviously is not permissible in law," said th two-member bench headed by Justice M.M. Kumar, the President of NCLT. 
 
Era Infra Engineering was in the first list of the 12 defaulting companies sent by the Reserve Bank of India to the banks in 2017 for recovery of debt through the Insolvency and Bankruptcy Code (IBC).
 
The NCLT had admitted ICICI Bank's plea for insolvency proceedings against Era Infra Engineering on December 6, 2018.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
Comments
Free Helpline
Legal Credit
Feedback