{"id":320004,"date":"2024-04-13T14:00:55","date_gmt":"2024-04-13T08:30:55","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=320004"},"modified":"2024-04-13T21:14:30","modified_gmt":"2024-04-13T15:44:30","slug":"interim-relief-to-deccan-charters-nclat-stays-corporate-insolvency-resolution-process-scc-times","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2024\/04\/13\/interim-relief-to-deccan-charters-nclat-stays-corporate-insolvency-resolution-process-scc-times\/","title":{"rendered":"Interim relief to Deccan Charters; NCLAT stays Corporate Insolvency Resolution Process"},"content":{"rendered":"
\n

National Company Law Appellant Tribunal, Chennai:<\/span> In an appeal filed by Suspended Director of Deccan Charters (P) Ltd., against the order of Adjudicating Authority admitting Corporate Insolvency Resolution Process (CIRP) petition against the appellant company, a 3-member bench comprising of M. Venugopal, Sharad Kumar Sharma, JJ., and Jatindranath Swain (Technical Member), stayed the CIRP against the appellant company till next date of hearing.<\/p>\n

Factual Matrix<\/p>\n

In the instant matter, the respondent, a Non-Banking Finance Company, filed a petition under Section 7<\/a> of the Insolvency and Bankruptcy Code, 2016<\/a> (IBC) read with Rule 4 of the Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules 2016 (Rules), against the appellant company, seeking initiation of CIRP. The appellant company had disbursed a loan of Rs. 5,00,00,000\/- to the petitioner company as per a Loan Agreement dated 31-07-2018. The appellant company allegedly defaulted on loan repayment obligations. The respondent claimed that its liabilities, including loan repayment, were transferred to GMDAPL (GSEC Monarch Deccan Aviation Private Limited) through a Business Transfer Agreement (BTA). The appellant company argued lack of jurisdiction for the NCLT to hear contractual disputes unrelated to insolvency under Section 60(5)(c)<\/a> of the IBC<\/a>. The respondent countered that the loan agreement expressly prohibited assignment without written approval as per Clause 7.1 of the Loan Agreement.<\/p>\n

NCLT’s Decision<\/p>\n

A division bench comprising of Mr. K. Biswal (Judicial Member) and Mr. Manoj Kumar Dubey (Technical Member), admitted the petition, declared a moratorium, and appointed an Interim Resolution Professional and directed the petitioner to deposit funds for issuing public notice and inviting claims. The Adjudicating Authority held that NCLT has jurisdiction under Section 7<\/a> of the IBC<\/a> as the matter concerned debt and default, not contractual disputes. It was observed that the loan agreement’s clause prohibiting assignment without written approval was applicable, rendering the BTA potentially void. The Adjudicating Authority stated that the existence of an arbitration clause did not bar admission of the case under Section 7<\/a> of the IBC<\/a>. The Adjudicating Authority referred to precedents emphasizing that Section 7 does not require the absence of disputes for admission.<\/p>\n

NCLAT’s Decision<\/p>\n

The NCLAT instructed the Interim Resolution Professional not to proceed further until the next hearing scheduled for 26-04-2024. The NCLAT directed the Financial Creditor to file a Reply\/Response\/Counter before the Office of the Registry through e-filing within 4 days from date of this order, to be served to the other party before the next hearing. Upon receipt of the Financial Creditor’s Reply\/Response\/Counter, the appellant may file a Rejoinder, if necessary, before the Office of the Registry through e-filing, with a copy served to the other party before the next hearing. The NCLAT ordered the Office of the Registry to list the matter on 26-04-2024.<\/p>\n

[Sanjay Saihgal<\/span> v. Krone Finstock (P) Ltd.<\/span>, Company Appeal (AT) (CH) (Ins) No.123\/2024, order dated 11-04-2024<\/span>]<\/p>\n\n

Advocates who appeared in this case :<\/p>\n

Mr. P.H. Arvindh Pandian, Sr. Advocate, Mr. Pawan Jhabakh, Mr. Jerin Asher Sojan, Mr. K.M. Ashif, Counsel for the Appellant<\/p>\n

Mr. R. Murari, Sr. Advocate, Counsel for the Respondent 1<\/p>\n

Mr. Anshuman, Counsel for the Respondent 2<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

The NCLT admitted Section 7 IBC application against the Deccan Charters, Air Charter Company over a default of approx. Rs. 9 Crore 82 Lakhs.<\/p>\n","protected":false},"author":67514,"featured_media":315817,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3,11],"tags":[22814,67543,25414,3539,12521],"class_list":["post-320004","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-casebriefs","category-tribunals_commissions_regulatorybodies","tag-corporate-insolvency-resolution-process","tag-deccan-charters","tag-interim-relief","tag-National_Company_Law_Tribunal","tag-nclt"],"yoast_head":"\n\u2018Interim relief to Deccan Charters\u2019; NCLAT stays Corporate Insolvency Resolution Process | SCC Times<\/title>\n<meta name=\"description\" content=\"NCLAT stayed Corporate Insolvency Resolution Process against Deccan Charters.\" \/>\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\/2024\/04\/13\/interim-relief-to-deccan-charters-nclat-stays-corporate-insolvency-resolution-process-scc-times\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Interim relief to Deccan Charters; NCLAT stays Corporate Insolvency Resolution Process\" \/>\n<meta property=\"og:description\" content=\"NCLAT stayed Corporate Insolvency Resolution Process against Deccan Charters.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.scconline.com\/blog\/post\/2024\/04\/13\/interim-relief-to-deccan-charters-nclat-stays-corporate-insolvency-resolution-process-scc-times\/\" \/>\n<meta property=\"og:site_name\" content=\"SCC Times\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/scc.online\/\" \/>\n<meta property=\"article:published_time\" content=\"2024-04-13T08:30:55+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-04-13T15:44:30+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/03\/resolution-plan.png\" \/>\n\t<meta property=\"og:image:width\" content=\"886\" \/>\n\t<meta property=\"og:image:height\" content=\"590\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Ritu\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Interim relief to Deccan Charters; NCLAT stays Corporate Insolvency Resolution Process\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Ritu\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.scconline.com\/blog\/post\/2024\/04\/13\/interim-relief-to-deccan-charters-nclat-stays-corporate-insolvency-resolution-process-scc-times\/\",\"url\":\"https:\/\/www.scconline.com\/blog\/post\/2024\/04\/13\/interim-relief-to-deccan-charters-nclat-stays-corporate-insolvency-resolution-process-scc-times\/\",\"name\":\"\u2018Interim relief to Deccan Charters\u2019; NCLAT stays Corporate Insolvency Resolution Process | SCC Times\",\"isPartOf\":{\"@id\":\"https:\/\/www.scconline.com\/blog\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.scconline.com\/blog\/post\/2024\/04\/13\/interim-relief-to-deccan-charters-nclat-stays-corporate-insolvency-resolution-process-scc-times\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.scconline.com\/blog\/post\/2024\/04\/13\/interim-relief-to-deccan-charters-nclat-stays-corporate-insolvency-resolution-process-scc-times\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/03\/resolution-plan.webp\",\"datePublished\":\"2024-04-13T08:30:55+00:00\",\"dateModified\":\"2024-04-13T15:44:30+00:00\",\"author\":{\"@id\":\"https:\/\/www.scconline.com\/blog\/#\/schema\/person\/392f265bae2f48f0f0d02b8e0e9015b9\"},\"description\":\"NCLAT stayed Corporate Insolvency Resolution Process against Deccan Charters.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.scconline.com\/blog\/post\/2024\/04\/13\/interim-relief-to-deccan-charters-nclat-stays-corporate-insolvency-resolution-process-scc-times\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.scconline.com\/blog\/post\/2024\/04\/13\/interim-relief-to-deccan-charters-nclat-stays-corporate-insolvency-resolution-process-scc-times\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.scconline.com\/blog\/post\/2024\/04\/13\/interim-relief-to-deccan-charters-nclat-stays-corporate-insolvency-resolution-process-scc-times\/#primaryimage\",\"url\":\"https:\/\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/03\/resolution-plan.webp\",\"contentUrl\":\"https:\/\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/03\/resolution-plan.webp\",\"width\":886,\"height\":590,\"caption\":\"National Company Law Appellate Tribunal\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.scconline.com\/blog\/post\/2024\/04\/13\/interim-relief-to-deccan-charters-nclat-stays-corporate-insolvency-resolution-process-scc-times\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.scconline.com\/blog\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Interim relief to Deccan Charters; NCLAT stays Corporate Insolvency Resolution Process\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.scconline.com\/blog\/#website\",\"url\":\"https:\/\/www.scconline.com\/blog\/\",\"name\":\"SCC Times\",\"description\":\"Bringing you the Best Analytical Legal News\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.scconline.com\/blog\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.scconline.com\/blog\/#\/schema\/person\/392f265bae2f48f0f0d02b8e0e9015b9\",\"name\":\"Ritu\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.scconline.com\/blog\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/c47318594774c1fe55e3e8c85dcd1909276373d9bf11730032fc1a7d05d56a47?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/c47318594774c1fe55e3e8c85dcd1909276373d9bf11730032fc1a7d05d56a47?s=96&d=mm&r=g\",\"caption\":\"Ritu\"},\"url\":\"https:\/\/www.scconline.com\/blog\/post\/author\/editor_7\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"\u2018Interim relief to Deccan Charters\u2019; NCLAT stays Corporate Insolvency Resolution Process | SCC Times","description":"NCLAT stayed Corporate Insolvency Resolution Process against Deccan Charters.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.scconline.com\/blog\/post\/2024\/04\/13\/interim-relief-to-deccan-charters-nclat-stays-corporate-insolvency-resolution-process-scc-times\/","og_locale":"en_US","og_type":"article","og_title":"Interim relief to Deccan Charters; NCLAT stays Corporate Insolvency Resolution Process","og_description":"NCLAT stayed Corporate Insolvency Resolution Process against Deccan Charters.","og_url":"https:\/\/www.scconline.com\/blog\/post\/2024\/04\/13\/interim-relief-to-deccan-charters-nclat-stays-corporate-insolvency-resolution-process-scc-times\/","og_site_name":"SCC Times","article_publisher":"https:\/\/www.facebook.com\/scc.online\/","article_published_time":"2024-04-13T08:30:55+00:00","article_modified_time":"2024-04-13T15:44:30+00:00","og_image":[{"width":886,"height":590,"url":"https:\/\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/03\/resolution-plan.png","type":"image\/png"}],"author":"Ritu","twitter_card":"summary_large_image","twitter_title":"Interim relief to Deccan Charters; NCLAT stays Corporate Insolvency Resolution Process","twitter_misc":{"Written by":"Ritu","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.scconline.com\/blog\/post\/2024\/04\/13\/interim-relief-to-deccan-charters-nclat-stays-corporate-insolvency-resolution-process-scc-times\/","url":"https:\/\/www.scconline.com\/blog\/post\/2024\/04\/13\/interim-relief-to-deccan-charters-nclat-stays-corporate-insolvency-resolution-process-scc-times\/","name":"\u2018Interim relief to Deccan Charters\u2019; NCLAT stays Corporate Insolvency Resolution Process | SCC Times","isPartOf":{"@id":"https:\/\/www.scconline.com\/blog\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.scconline.com\/blog\/post\/2024\/04\/13\/interim-relief-to-deccan-charters-nclat-stays-corporate-insolvency-resolution-process-scc-times\/#primaryimage"},"image":{"@id":"https:\/\/www.scconline.com\/blog\/post\/2024\/04\/13\/interim-relief-to-deccan-charters-nclat-stays-corporate-insolvency-resolution-process-scc-times\/#primaryimage"},"thumbnailUrl":"https:\/\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/03\/resolution-plan.webp","datePublished":"2024-04-13T08:30:55+00:00","dateModified":"2024-04-13T15:44:30+00:00","author":{"@id":"https:\/\/www.scconline.com\/blog\/#\/schema\/person\/392f265bae2f48f0f0d02b8e0e9015b9"},"description":"NCLAT stayed Corporate Insolvency Resolution Process against Deccan Charters.","breadcrumb":{"@id":"https:\/\/www.scconline.com\/blog\/post\/2024\/04\/13\/interim-relief-to-deccan-charters-nclat-stays-corporate-insolvency-resolution-process-scc-times\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.scconline.com\/blog\/post\/2024\/04\/13\/interim-relief-to-deccan-charters-nclat-stays-corporate-insolvency-resolution-process-scc-times\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.scconline.com\/blog\/post\/2024\/04\/13\/interim-relief-to-deccan-charters-nclat-stays-corporate-insolvency-resolution-process-scc-times\/#primaryimage","url":"https:\/\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/03\/resolution-plan.webp","contentUrl":"https:\/\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/03\/resolution-plan.webp","width":886,"height":590,"caption":"National Company Law Appellate Tribunal"},{"@type":"BreadcrumbList","@id":"https:\/\/www.scconline.com\/blog\/post\/2024\/04\/13\/interim-relief-to-deccan-charters-nclat-stays-corporate-insolvency-resolution-process-scc-times\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.scconline.com\/blog\/"},{"@type":"ListItem","position":2,"name":"Interim relief to Deccan Charters; NCLAT stays Corporate Insolvency Resolution Process"}]},{"@type":"WebSite","@id":"https:\/\/www.scconline.com\/blog\/#website","url":"https:\/\/www.scconline.com\/blog\/","name":"SCC Times","description":"Bringing you the Best Analytical Legal News","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.scconline.com\/blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.scconline.com\/blog\/#\/schema\/person\/392f265bae2f48f0f0d02b8e0e9015b9","name":"Ritu","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.scconline.com\/blog\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/c47318594774c1fe55e3e8c85dcd1909276373d9bf11730032fc1a7d05d56a47?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/c47318594774c1fe55e3e8c85dcd1909276373d9bf11730032fc1a7d05d56a47?s=96&d=mm&r=g","caption":"Ritu"},"url":"https:\/\/www.scconline.com\/blog\/post\/author\/editor_7\/"}]}},"jetpack_featured_media_url":"https:\/\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/03\/resolution-plan.webp","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":233029,"url":"https:\/\/www.scconline.com\/blog\/post\/2020\/07\/29\/nclat-provides-relief-to-companies-by-easing-way-to-exit-from-corporate-insolvency-resolution-process\/","url_meta":{"origin":320004,"position":0},"title":"NCLAT provides relief to companies by easing way to exit from corporate insolvency resolution process","author":"Editor","date":"July 29, 2020","format":false,"excerpt":"National Company Law Appellate Tribunal: Justice Bansi Lal Bhat (Acting Chairperson), Justice Anant Bijay Singh (Member, Judicial), Dr Ashok Kumar Mishra (Member, Technical), decided to reject the appeal of the appellant by making way for companies to pull out of ongoing corporate insolvency resolution process (CIRP). Vivek Bansal (Appellant) and\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":285311,"url":"https:\/\/www.scconline.com\/blog\/post\/2023\/02\/25\/nclat-stays-order-nclt-corporate-insolvency-resolution-process-zee-entertainment-enterprise-ltd\/","url_meta":{"origin":320004,"position":1},"title":"NCLAT stays Insolvency proceeding against Zee Entertainment Enterprise Ltd","author":"Ritu","date":"February 25, 2023","format":false,"excerpt":"The NCLAT granted interim relief to Zee Entertainment Enterprises Ltd (ZEEL) by staying bankruptcy proceedings against them, after the NCLT admitted S. 7 application and directed the initiation of CIRP against the Corporate Debtor\/ZEEL.","rel":"","context":"In "Case Briefs"","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"National Company Law Appellate Tribunal","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/02\/MicrosoftTeams-image-458.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/02\/MicrosoftTeams-image-458.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/02\/MicrosoftTeams-image-458.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/02\/MicrosoftTeams-image-458.png?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":262217,"url":"https:\/\/www.scconline.com\/blog\/post\/2022\/02\/22\/can-application-filed-under-s-951-read-with-s-601-ibc-be-rejected-on-ground-that-no-corporate-insolvency-resolution-process-was-pending-against-corporate-debtor-nclat-addresses\/","url_meta":{"origin":320004,"position":2},"title":"Can application filed under S. 95(1) read with S. 60(1) IBC be rejected on ground that no Corporate Insolvency Resolution Process was pending against Corporate Debtor? NCLAT addresses","author":"Bhumika Indulia","date":"February 22, 2022","format":false,"excerpt":"\u00a0If CIRP or Liquidation Proceeding of a Corporate Debtor is pending before a NCLT, application relating to Insolvency Process of Corporate or Personal Guarantor should be filed before same NCLT. National Company Law Appellate Tribunal, New Delhi (NCLAT): The Coram of Justice Ashok Bhushan (Chairperson) and Dr Alok Srivastava (Technical\u2026","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\/02\/NCLAT_New.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/02\/NCLAT_New.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/02\/NCLAT_New.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/02\/NCLAT_New.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/02\/NCLAT_New.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":219586,"url":"https:\/\/www.scconline.com\/blog\/post\/2019\/09\/16\/nclat-appellate-tribunal-exercises-inherent-powers-under-r-11-of-nclat-rules-quashes-cirp-where-settlement-reached-between-parties-before-constitution-of-coc\/","url_meta":{"origin":320004,"position":3},"title":"NCLAT | Appellate Tribunal exercises inherent powers under R. 11 of NCLAT Rules, quashes CIRP where settlement reached between parties before constitution of CoC","author":"Bhumika Indulia","date":"September 16, 2019","format":false,"excerpt":"National Company Law Appellate Tribunal (NCLAT):\u00a0A Bench of Justice S.J. 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 "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":274550,"url":"https:\/\/www.scconline.com\/blog\/post\/2022\/09\/27\/nclat-rejection-of-resolution-plan-by-the-nclt-due-to-non-serious-casual-and-non-diligent-conduct-of-resolution-appellant-is-good-in-law\/","url_meta":{"origin":320004,"position":4},"title":"NCLAT | Rejection of Resolution Plan by the NCLT due to Non-Serious, Casual and Non-Diligent Conduct of Resolution Appellant is Good in Law","author":"Editor","date":"September 27, 2022","format":false,"excerpt":"\"The CIRP is a time bound process where timeline has been prescribed for each step. The CIRP cannot be allowed to continue for indefinite period.\"","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\/02\/NCLAT_New.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/02\/NCLAT_New.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/02\/NCLAT_New.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/02\/NCLAT_New.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/02\/NCLAT_New.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":320004,"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\/320004","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\/67514"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=320004"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/320004\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media\/315817"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=320004"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=320004"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=320004"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}