Initiation of proceedings under the SARFAESI Act cannot be a ground to reject an application under Section 10 of IBC, if otherwise it is complete in terms of IBC and IBC(Application to AA) Rules, 2016 including Form 6 therein – Leo Duct Engineers & Consultants Limited Vs. Canara Bank – NCLAT New Delhi

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If any Public depositor applies showing due of the debt claiming itself as operational creditor and the Resolution Professional or the Tribunal do not accept the claim on the ground that they are not financial creditor, we allow the appellant to raise the question before the Tribunal and if any adverse decision is given by the Tribunal, it will be open to the appellant to raise the issue before NCLAT- Hind Motors India Ltd. Vs. Adjudicating Authority NCLT, Chandigarh – NCLAT New Delhi

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