01/07/2021

Once the Resolution plan of a Resolution Applicant is approved it cannot file an avoidance application under section 43 of IBC, 2016 – TUF Metallurgical Pvt. Ltd. Vs. Monitoring Committee Through Vikash Jain – NCLT New Delhi Bench Court-VI

The Successful Resolution Applicant and Monitoring Committee under section 60(5) read with Rule 11 of NCLT Rules, 2016 filed this application seeking intervention in support of application filed by Ex-Resolution Professional under section 66 read with section 43 of IBC, 2016.
NCLT referred the judgement of the Hon’ble High Court of Delhi in Venus Recruiters Pvt. Ltd. vs Union of India & Ors. (2020) ibclaw.in 41 HC, wherein the Hon’ble High Court decided the question of whether an application filed under Section 43 of the Code, for avoidance of preferential transactions, can be adjudicated upon by the National Company Law Tribunal (NCLT), after the approval of a resolution plan and conclusion of CIRP. In view of above judgment, NCLT held that once the Resolution plan of a Resolution Applicant is approved it cannot file an avoidance application under section 43 of IBC, 2016.

Once the Resolution plan of a Resolution Applicant is approved it cannot file an avoidance application under section 43 of IBC, 2016 – TUF Metallurgical Pvt. Ltd. Vs. Monitoring Committee Through Vikash Jain – NCLT New Delhi Bench Court-VI Read Post »

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