#NCLT: Debtors rendered remediless on application by operational creditors under IBC

The Mumbai Bench of the NCLT has recently passed an order admitting an insolvency petition which highlights a (possible) serious lacunae in the Insolvency and Bankruptcy Code, 2016 (Code).

Essar Projects India Ltd. (Essar), represented by Cyril Amarchand Mangaldas, had filed an application against MCL Global Steel Pvt. Ltd. (MCL) in its capacity as an operational