Sale initiated under SARFAESI hit by moratorium under IBC? NCLT answers

The Mumbai Bench of NCLT has dismissed an application seeking to effectuate the sale of immovable property of a company facing moratorium under the Insolvency and Bankruptcy Code, 2016 (IBC).

The Miscellaneous Application has been filed under Section 65 of the IBC by JM Financial Asset Reconstruction Company (JM Financial), in its capacity as a financial (secured) creditor of Quantum Ltd. The application by JM Financial alleges collusion between Quantum and Indus Ltd., the financial creditor that triggered insolvency against Quantum . . .

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