NCLT cannot straight away direct probe into affairs of Corporate Debtor by SFIO, NCLAT

Aditi Singh October 7 2019

The NCLAT has held that the Adjudicating Authority under the Insolvency and Bankruptcy Code,2016 (IBC) i.e. National Company Law Tribunal has no power to straightaway order an investigation to be conducted into the affairs of a Corporate Debtor by the Serious Fraud Investigation Office (SFIO) in terms of 213 of the Companies Act, 2013.

The Appellate Tribunal has clarified that the Adjudicating Authority can, after giving notice to the promoters etc of the Corporate Debtor and following the procedure as laid down in . . .

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