The National Company Law Appellate Tribunal (NCLAT) while dealing with an appeal filed by the Corporate Debtor (CD) against the order admitting Company Petition passed by the National Company Law Tribunal, Jaipur has held that, the CD cannot be absolved from its liability by taking the benefit of the fact that the Operational creditor (OC) has received the claim amount from its Insurer. The NCLAT further noted that, the CD is still liable pay the debt, since the OC is “under obligation to take proceeding to recover its dues & handover the amount to the Insurance Company.”
