Indiabulls had moved the Tribunal under Section 95 of the Insolvency and Bankruptcy Code (IBC) over outstanding loan amounts to be furnished by Chandra.
IBHF claimed that while Chandra indicated of a settlement being reached in the dispute, it is yet to be fulfilled. So, they are constrained to revive the personal insolvency plea. The plea was filed under the Insolvency and Bankruptcy Code, 2016 (IBC)