Fact of the case

Corporate Debtor (CD) had made an application under section 10 of IBC, 2016 for initiation of Corporate Insolvency Resolution Process (CIRP) which was rejected by the NCLT taking into consideration the allegations made by the home buyers and others observing that CD had disposed huge chunk of land in the past few months before filing of this petition after coming into force the provisions of the code and only immovable property which is mortgaged with the Bank as security has been left. CD submitted that the application under Section 10 of IBC was complete and no finding has been given that the said application is defective or incomplete.

Question of Law?

  • Whether NCLT is justified in rejecting the application of CD?

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