Initiation of Assignment Agreement by Corporate Debtor is Malafide Act to Prolong CIRP: NCLAT upholds Decision of NCLT
The NCLAT viewed that allowing assignments could potentially distort the balance of creditor rights and influence the outcome of the resolution process unfairly
While Upholding the decision of the National Company Law Tribunal ( NCLT ), the National Company Law Appellate Tribunal ( NCLAT ) held that Assignment Agreement initiated by the Corporate Debtor was a deliberate strategy intended to introduce obstacles and prolong the Corporate Insolvency Resolution Process ( CIRP ). Rolta Private Limited, Corporate Debtor, submitted…
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