The Hon’ble NCLT, Kolkata Bench has delivered an important ruling reinforcing the regulatory impact of the “clean slate” theory under the Insolvency and Bankruptcy Code, holding that an erstwhile Registrar and Share Transfer Agent (RTA) cannot refuse to issue a No Objection Certificate (NOC) to a Successful Auction Purchaser on the ground of pre-CIRP claims, where such NOC is mandated under applicable law and prescribed by the NSE.
NCLT Kolkata upholds the fairness and transparency of the scheme of Insolvency and Bankruptcy Code, 2016 . Lays down that there cannot be a back door entry for a related party Financial Creditor as an Operational Creditor in the Commitee of Creditors of the Corporate Debtor .
