Base Realtors Pvt. Ltd. Vs. Grand Realcon Pvt. Ltd.

Whether an application under Section 7 of the IBC can be maintained in respect of the component of interest which became due and payable without asking for the principal amount which has not yet become due and payable? – Base Realtors Pvt. Ltd. Vs. Grand Realcon Pvt. Ltd. – NCLAT New Delhi

NCLAT held that after referring to various definition appearing in Part I and Part II of the Code and explaining the scheme with the help of the decision in the case of Innovative Industries Ltd. [2017] ibclaw.in 02 SC and taking a cue from the decision of the Hon’ble Supreme Court in the case of M/s Orator Marketing Pvt. Ltd. (2021) ibclaw.in 68 SC, we are of the considered opinion that in the facts and circumstances of the present case the application filed under Section 7 of the Code could be maintained in respect of the component of interest which became due and payable, without asking for the principal amount which has not yet become due and payable. The question posed in the earlier part of this orders is duly answered in favour of the Appellant.

Whether an application under Section 7 of the IBC can be maintained in respect of the component of interest which became due and payable without asking for the principal amount which has not yet become due and payable? – Base Realtors Pvt. Ltd. Vs. Grand Realcon Pvt. Ltd. – NCLAT New Delhi Read Post »

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