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When there is a clear statutory bar in entertaining an appeal u/s 42 of IBC, which is filed beyond the period prescribed under the statute, the NCLT cannot exercise its inherent powers and condone the delay – IFCI Ltd. Vs. BS Ltd., In liquidation – NCLT Hyderabad Bench

NCLT Hyderabad Bench held that Section 42, not only deals with the order of rejection, but also deals with the order of acceptance. There is no provision under Section 42 for condoning the delay in filing an appeal. When there is a clear statutory bar in entertaining an appeal u/s 42 of IBC, which is filed beyond the period prescribed under the statute, the NCLT cannot exercise its inherent powers and condone the delay.

When there is a clear statutory bar in entertaining an appeal u/s 42 of IBC, which is filed beyond the period prescribed under the statute, the NCLT cannot exercise its inherent powers and condone the delay – IFCI Ltd. Vs. BS Ltd., In liquidation – NCLT Hyderabad Bench Read Post »

Whether IBC Section 9 Application can be entertained against a Solvent Company – Tricolite Electrical Industries Ltd. Vs. WIPRO Ltd. – NCLAT Chennai

NCLAT held that regarding whether Section 9 Application can be entertained against a Solvent Company, the scope and objective of the Code has to be kept in mind before admission of such an Application. The spirit of the Code is maximization of the assets and Resolution and not Recovery. The Hon’ble Supreme Court in the matter of Swiss Ribbons Pvt. Ltd. & Anr. Vs. Union of India & Anr. has held that ‘the primary focus of the legislation is to ensure revival and continuation of the corporate debtor by protecting the corporate debtor from its own management and from a corporate death by liquidation. The Code is thus a beneficial legislation which puts the corporate debtor back on its feet, not being a mere recovery legislation for creditors.

Whether IBC Section 9 Application can be entertained against a Solvent Company – Tricolite Electrical Industries Ltd. Vs. WIPRO Ltd. – NCLAT Chennai Read Post »

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