IBC - Rejection of section 9 application - initiation of CIRP - Enquiry...

Insolvency and Bankruptcy

Rejection of section 9 application - initiation of CIRP - Enquiry into such allegations and counter-allegations would entail detailed investigation and the legislative intent of the IBC does not clothe the Adjudicating Authority with such powers of investigation. Thus the Adjudicating Authority has not committed any error by restraining itself from entering into any sort of roving enquiry on this issue. - AT

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