{"id":175364,"date":"2017-12-14T17:00:55","date_gmt":"2017-12-14T11:30:55","guid":{"rendered":"http:\/\/www.scconline.com\/blog\/?p=175364"},"modified":"2017-12-14T09:21:47","modified_gmt":"2017-12-14T03:51:47","slug":"nclat-jurisdiction-pass-order-post-initiation-corporate-insolvency-resolution-process-cannot-recall","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2017\/12\/14\/nclat-jurisdiction-pass-order-post-initiation-corporate-insolvency-resolution-process-cannot-recall\/","title":{"rendered":"NCLAT has jurisdiction to pass order post initiation of \u2018corporate insolvency resolution process\u2019, but cannot recall the same"},"content":{"rendered":"<p style=\"text-align: justify;\"><strong>National Company Law Appellate Tribunal<\/strong>: In a recent order passed by S.J. Mukhopadhaya, (Chairperson) and Bansi Lal Bhagat J., (Member), regarding the appeal of the petitioner, to set aside the proceedings of the \u2018Insolvency Resolution Process\u2019 was dismissed and set aside even when both the parties (appellant and respondent) had come to a mutual settlement.<\/p>\n<p style=\"text-align: justify;\">In the order that was given previously, under Section 7 of the Insolvency and Bankruptcy Code, 2016 (I&amp;B code) an order of moratorium had been passed and an &#8216;Interim Resolution Professional&#8217; had been appointed with certain directions to check the proceedings. However, post settlement, the appellant had approached the Appellate Tribunal to call off the previous order, but the appeal was set aside on the grounds that after admission of an application under Section 7 of the &#8216;I&amp;B Code&#8217;, neither party can withdraw the application even if a settlement has been made. Also, it is an established law that if the adjudicating authority initiates the &#8216;Corporate Insolvency Resolution Process&#8217;, then no jurisdiction lies to recall the order of admission, and hence NCLAT has the jurisdiction to pass an order, but cannot recall the same.<\/p>\n<p style=\"text-align: justify;\">After rejection of appellants\u2019 plea to accept the settlement, the Tribunal suggested the appellants to move to a court with competent jurisdiction for the grant of appropriate relief. [Kapil Gupta v. Indiabulls Housing Finance Ltd., Company Appeal (AT) No. 296 of 2017, decided on 1-12-2017]<\/p>\n","protected":false},"excerpt":{"rendered":"<p>National Company Law Appellate Tribunal: In a recent order passed by S.J. Mukhopadhaya, (Chairperson) and Bansi Lal Bhagat J., (Member), regarding the <\/p>\n","protected":false},"author":91,"featured_media":153604,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3,11],"tags":[],"class_list":["post-175364","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-casebriefs","category-tribunals_commissions_regulatorybodies"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.4 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>NCLAT has jurisdiction to pass order post initiation of \u2018corporate insolvency resolution process\u2019, but cannot recall the same | SCC Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.scconline.com\/blog\/post\/2017\/12\/14\/nclat-jurisdiction-pass-order-post-initiation-corporate-insolvency-resolution-process-cannot-recall\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"NCLAT has jurisdiction to pass order post initiation of \u2018corporate insolvency resolution process\u2019, but cannot recall the same\" \/>\n<meta property=\"og:description\" content=\"National Company Law Appellate Tribunal: In a recent order passed by S.J. 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Mukhopadhaya, Chairperson and Kanthi Narahari, Member (Technical), allowed an appeal seeking to quash the Corporate Insolvency Resolution Process against the Corporate Debtor. The Operation Creditor had filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 which\u2026","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":197362,"url":"https:\/\/www.scconline.com\/blog\/post\/2018\/06\/22\/corporate-insolvency-resolution-process-under-ib-code-is-barred-if-winding-up-of-the-corporate-debtor-already-ordered\/","url_meta":{"origin":175364,"position":3},"title":"Corporate Insolvency Resolution Process under I&#038;B Code is barred if winding up of the corporate debtor already ordered","author":"Bhumika Indulia","date":"June 22, 2018","format":false,"excerpt":"National Company Law Appellate Tribunal: \u00a0A two-member bench comprising of S.J. Mukhopadhaya and Bansi Lal Bhat, J., dismissed a company appeal filed against the order of the National Company Law Tribunal which dismissed the appellant\u2019s application filed under Section 7 of the Insolvency and Bankruptcy Code 2016, for initiation of\u2026","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":216451,"url":"https:\/\/www.scconline.com\/blog\/post\/2019\/07\/04\/nclat-foreign-decree-ex-parte-and-not-on-merits-cannot-be-made-the-basis-for-initiation-of-corporate-insolvency-resolution-process-under-s-9-ibc\/","url_meta":{"origin":175364,"position":4},"title":"NCLAT | Foreign decree ex-parte and not on merits cannot be made the basis for initiation of corporate insolvency resolution process under S. 9 IBC","author":"Bhumika Indulia","date":"July 4, 2019","format":false,"excerpt":"National Company Law Appellate Tribunal (NCLAT):\u00a0Justice Bansi Lal Bhat and Balvinder Singh, Members (Judicial) held that the application filed by the appellant under Section 9 of the Insolvency and Bankruptcy Code, 2016 was not maintainable as it was based on a foreign decree passed ex-parte and not on merits, and\u2026","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":196483,"url":"https:\/\/www.scconline.com\/blog\/post\/2018\/05\/28\/corporate-insolvency-resolution-process-to-be-ordered-only-upon-the-existence-of-default-not-merely-debt\/","url_meta":{"origin":175364,"position":5},"title":"Corporate Insolvency Resolution Process to be ordered only upon the existence of default, not merely debt","author":"Saba","date":"May 28, 2018","format":false,"excerpt":"National Company Law Appellate Tribunal (NCLAT): The NCLAT has held that initiation of Corporate Insolvency Resolution Process (\u201cCIRP\u201d) must be ordered only if there exists a default on part of the corporate debtor and not merely because there is a debt on which no default has occurred as such. 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