NCLT makes filing record of default with an information utility mandatory
By EDITORIAL TEAM - INSOL India Posted On : July 27, 2020
The NCLT, vide an order dated 12 May 2020, directed that any new insolvency application filed by a financial creditor under section 7 of the Insolvency & Bankruptcy Code, 2016 (“IBC”) must be accompanied by a record of default from an information utility.
The NCLT order states that no new petition / application under section 7 of the IBC shall be entertained without a record of default from an information utility and directed parties in cases pending admission to file a record of default from an information utility prior tothe next date of hearing.