The National Company Law Tribunal (NCLT) has rejected ICICI Bank’s plea to initiate insolvency proceedings against Era Infrastructure (India) Ltd on the grounds of “duplicacy” of claims.
A two-member bench headed by NCLT President Justice M M Kumar observed that ICICI Bank has already raised similar claims against its parent company Era Infra Engineering, which is currently undergoing resolution process.
The tribunal held that “on account of duplicacy” of the claims, the petition filed by ICICI Bank “can not be entertained”.
“This is again raised for admission in the present proceeding. Such a course obviously is not permissible in law…,” it said.
