{"id":200359,"date":"2018-08-20T09:48:02","date_gmt":"2018-08-20T04:18:02","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=200359"},"modified":"2018-08-27T16:56:57","modified_gmt":"2018-08-27T11:26:57","slug":"appeal-filed-under-ib-code-by-suspended-board-of-directors-held-not-maintainable-nclat","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2018\/08\/20\/appeal-filed-under-ib-code-by-suspended-board-of-directors-held-not-maintainable-nclat\/","title":{"rendered":"Appeal filed under I&B Code by \u2018suspended\u2019 Board of Directors\u2014held not maintainable: NCLAT"},"content":{"rendered":"

National Company Law Appellate Tribunal (NCLAT): <\/strong>A two-member bench comprising of Justice S.J. Mukhopadhaya and Balvinder Singh, Member (Technical) restored the Corporate Insolvency Resolution Process as initiated against the appellant – Corporate Debtor.<\/p>\n

Brief facts of the case are that the respondent Bank preferred applications under Section 9 of the I&B Code against the appellant which were admitted by the National Company Law Tribunal, New Delhi. The said decision was challenged by the appellant before the Appellate Tribunal whereby the order of admission was dismissed. Thereafter, against the decision of the Appellate Tribunal, the respondent filed an appeal in the Supreme Court. The Court remitted the matter back to the Appellate Tribunal for reconsideration, pursuant to which instant proceedings were held.<\/p>\n

The Appellate Tribunal, while reconsidering the matter, took note of the fact that the appeals were filed by the suspended <\/em>Board of Directors. Reliance was placed on Innoventive Industries Ltd. <\/em>v. ICICI Ltd.<\/em><\/strong>, (2018) 1 SCC 407<\/a> to hold that an appeal filed under I&B Code by Corporate Debtor through suspended <\/em>Board of Directors is not maintainable. That apart, it was reiterated that in view of the substantive provisions of the Code, it was always open to the respondent to file applications under Section 9 in case of debt or a default. Resultantly, the Corporate Insolvency Resolution Process initiated against the appellant was restored. The NCLT was directed to proceed with the matter in accordance with law. [Shilpi Cable Technologies Ltd. v. Macquarie Bank Ltd.,2018 SCC OnLine NCLAT 383<\/b><\/a>, dated 08-08-2018]<\/p>\n","protected":false},"excerpt":{"rendered":"

National Company Law Appellate Tribunal (NCLAT): A two-member bench comprising of Justice S.J. 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Mukhopadhaya, Chairperson and Justice A.I.S. Cheema, Member (Judicial) allowed an appeal filed against the order of National Company Law Tribunal, New Delhi whereby appellant\u2019s application under Section 7 of the Insolvency and Bankruptcy Code, 2016 was dismissed.\u2026","rel":"","context":"In "Case Briefs"","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":206126,"url":"https:\/\/www.scconline.com\/blog\/post\/2018\/12\/03\/advocates-and-solicitors-send-notice-on-instructions-of-client-which-cannot-be-ignored-for-want-of-resolution-of-company-nclat\/","url_meta":{"origin":200359,"position":3},"title":"Advocates and Solicitors send notice on instructions of client which cannot be ignored for want of Resolution of company: NCLAT","author":"Bhumika Indulia","date":"December 3, 2018","format":false,"excerpt":"National Company Law Appellate Tribunal (NCLAT):\u00a0A Bench comprising of Justice A.I.S. Cheema, Member (Judicial) and Balvinder Singh, Member (Technical) dismissed an appeal filed against the order of National Company Law Tribunal (Mumbai) whereby it had admitted application filed by Operational Creditor under Section 8 read with Section 9 of the\u2026","rel":"","context":"In "Case Briefs"","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":203934,"url":"https:\/\/www.scconline.com\/blog\/post\/2018\/10\/18\/nclt-not-to-entertain-application-under-section-9-ib-code-before-expiry-of-10-days-from-date-of-giving-notice-under-section-81-nclat\/","url_meta":{"origin":200359,"position":4},"title":"NCLT not to entertain application under Section 9 I&B Code before expiry of 10 days from date of giving notice under Section 8(1): NCLAT","author":"Bhumika Indulia","date":"October 18, 2018","format":false,"excerpt":"National Company Law Appellate Tribunal (NCLAT): A two-member bench comprising of Justice S.J. Mukhopadhaya, Chairperson and Justice Bansi Lal Bhat, Member (Judicial) allowed an appeal filed against an order of National Company Law Tribunal (Mumbai). The respondent preferred an application under Sections 433 and 434 of the Companies Act, 1956\u2026","rel":"","context":"In "Case Briefs"","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":281427,"url":"https:\/\/www.scconline.com\/blog\/post\/2023\/01\/11\/corporate-debtor-default-corporate-insolvency-resolution-process-cirp-coc-liquidation-nclt-reconsider-liquidation-appeal-nclat-upheld\/","url_meta":{"origin":200359,"position":5},"title":"Adjudicating Authority is obligated to give direction for liquidation only when CoC’s decision is in accordance with IBC: NCLAT","author":"Editor","date":"January 11, 2023","format":false,"excerpt":"In the instant matter, an appeal was filed challenging NCLT's order directing the CoC to reconsider its decision. Upholding the NCLT's order, the Tribunal held that when the CoC's decision for liquidation is in accordance with IBC, then only NCLT's obligation to direct liquidation will arise.","rel":"","context":"In "Case Briefs"","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"NCLAT","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/12\/MicrosoftTeams-image-395.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/200359","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/users\/8808"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=200359"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/200359\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media\/153604"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=200359"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=200359"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=200359"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}