Insufficiency in stamp duty payment on finance documents not to affect admission of IBC proceedings

In the matter of Mr. Praful Nanji Satra v. Vistra ITCL (India) Ltd. & Ors., the Principal Bench of the National Company Law Appellate Tribunal (“NCLAT”) observed that insufficiency in payment of stamp duty will not affect admission of corporate insolvency resolution process (“CIRP”) under the Insolvency and Bankruptcy Code, 2016 (“IBC”) for a valid debt.

Brief Facts

Filed under:
India, Insolvency & Restructuring, Litigation, JSA, Debenture, Insolvency, Supreme Court of India, National Company Law Tribunal
Authors:
Aashit Shah , Utsav Johri , Ciol Kumar
Location:
India
Firm:
JSA