Insolvency proceedings cannot be used to defeat a claim existing prior to the initiation of insolvency proceedings, Calcutta HC

Insolvency proceedings cannot be used to defeat a claim existing prior to the initiation of insolvency proceedings, Calcutta HC
Calcutta High Court

A Single Bench of the Calcutta High Court comprising Justice Moushumi Bhattacharya recently held that the corporate insolvency resolution procedure enumerated under the Insolvency and Bankruptcy Code, 2016 (IBC) cannot be used as a tool to curtail any claim which arose prior to the commencement of the insolvency proceedings.

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