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Does IBC override notification No. 25/2015-2020 and 39/2015 issued by Directorate General of Foreign Trade (DGFT)? | Can SRA be burdened with the penalties imposed by Director General of Foreign Trade under Foreign Trade Act, 1992 for defaults committed by the Corporate Debtor before initiation of CIRP – Celebrity Life Sciences Pvt. Ltd. Vs. Union of India – NCLT Hyderabad Bench

Hon’ble NCLT Hyderabad Bench held that the scope of Notifications No. 25/2015-2020 and 39/2015 issued by Directorate General of Foreign Trade (DGFT) is primarily limited to the requirement of informing the concerned Regional Authority (RA) and the NCLT regarding any proceedings before the NCLT, particularly with respect to the outstanding export obligations or liabilities under schemes governed by the Foreign Trade Policy (FTP). However, the IBC holds overriding authority over any laws that are inconsistent with its provisions. As such, the Respondent is precluded from claiming any dues arising from the pre-CIRP period.

Does IBC override notification No. 25/2015-2020 and 39/2015 issued by Directorate General of Foreign Trade (DGFT)? | Can SRA be burdened with the penalties imposed by Director General of Foreign Trade under Foreign Trade Act, 1992 for defaults committed by the Corporate Debtor before initiation of CIRP – Celebrity Life Sciences Pvt. Ltd. Vs. Union of India – NCLT Hyderabad Bench Read Post »

The amendment of pleadings (including date of default) in an application filed under Section 7 of IBC can be done at any stage of the matter – Piramal Enterprises Ltd. v. Kay Jay Leasing – NCLT New Delhi Bench Court-III

NCLT New Delhi Bench Court-III holds:
(i) Corporate Debtor has been in default of its payment obligations under the Loan Agreement and the said defaults are continuing in nature.
(ii) It is the settled law that, the amendment of pleadings in an Application filed under Section-7 IBC, can be done at any stage of the matter as laid down in various judgements which have been cited by the Applicant.
(iii) Directs that the date of default be treated as 05.04.2021 as prayed for by the Applicant.

The amendment of pleadings (including date of default) in an application filed under Section 7 of IBC can be done at any stage of the matter – Piramal Enterprises Ltd. v. Kay Jay Leasing – NCLT New Delhi Bench Court-III Read Post »

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