Pendency of proceeding before DRT wouldn’t bar initiation of insolvency proceedings in NCLT

The NCLT New Delhi Bench in In Re Miditech (P.) Ltd., ([2018] 91 taxmann.com 118 (NCLT – New Delhi)) observed that in view of overriding effect given by provisions of section 238 of the Insolvency and Bankruptcy Code, the initiation and pendency of proceedings before the Debt Recovery Tribunal is no bar for initiating resolution and insolvency proceedings.

March 19th, 2018