09/09/2021

Doctrine of derivative action cannot be applied in Petition under Section 7 of the IBC – M Sai Eswara Swamy Vs. Siti Vision Digital Media Pvt. Ltd. – NCLAT New Delhi

NCLAT affirmed the findings of Ld. AA that there is no Board Resolution authorizing the petitioner to file the Petition and held there is a specific notification by the Central Government under sub-section (1) of Section 7 of the IBC that on behalf of the Financial Creditor a guardian, an executor or administrator of an estate of a financial creditor, a trustee and a person duly authorized by the board of directors of a company may file Application for initiation of CIRP against the Corporate Debtor. In such situation, doctrine of derivative action cannot be applied in Petition under Section 7 of the IBC. Therefore, the Petition is not maintainable.

Doctrine of derivative action cannot be applied in Petition under Section 7 of the IBC – M Sai Eswara Swamy Vs. Siti Vision Digital Media Pvt. Ltd. – NCLAT New Delhi Read Post »

A plea of limitation is a mixed question of law and fact. It cannot be decided as an abstract principle of law devoid from facts as in every case, the starting point of limitation is entirely a question of fact – Air Travel Enterprises India Ltd., Founder, Promoter and Shareholder of M/s. Green Gateway Leisure Ltd. Vs. Union Bank of India -NCLAT New Delhi

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A plea of limitation is a mixed question of law and fact. It cannot be decided as an abstract principle of law devoid from facts as in every case, the starting point of limitation is entirely a question of fact – Air Travel Enterprises India Ltd., Founder, Promoter and Shareholder of M/s. Green Gateway Leisure Ltd. Vs. Union Bank of India -NCLAT New Delhi Read Post »

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