27/09/2024

The pendency of Civil Suit is no reason for not proceeding to admit Section 7 Application under IBC – Navin Chandra Mishra (Suspended Director of CMR Lifesciences Pvt. Ltd.) Vs. Nand Kishore Palaha and Ors. – NCLAT New Delhi

The Hon’ble NCLAT held that NCLT has already noticed the Civil Suit filed by the Corporate Debtor. The said Civil Suit was filed subsequent to filing of the Company Petition in the High Court which stood transferred to the Adjudicating Authority. The pendency of the Civil Suit was no reason for not proceeding to admit Section 7 Application, when the debt and default was proved. NCLT has rightly admitted the Section 7 Application. The Appeal is dismissed.

The pendency of Civil Suit is no reason for not proceeding to admit Section 7 Application under IBC – Navin Chandra Mishra (Suspended Director of CMR Lifesciences Pvt. Ltd.) Vs. Nand Kishore Palaha and Ors. – NCLAT New Delhi Read Post »

Whether both the certified copy which is made available free of cost and the certified copy which is made available on the payment of costs, are treated as certified copies for the purpose of NCLT Rule 50? – State Bank of India Vs. India Power Corporation Ltd. – Supreme Court

Hon’ble Supreme Court held that:
(i) The important point to note is that both the certified copy which is provided free of cost as well as the certified copy which is made on an application in that behalf are treated as certified copies for the purposes of Rule 50.
(ii) Both the certified copy which is made available free of cost as well as the certified copy which is made available on the payment of costs, are treated as certified copies for the purpose of Rule 50.
(iii) A litigant who does not apply for a certified copy cannot then fall back and claim that he was awaiting the grant of a free copy to obviate the bar of limitation.
(iv) The provisions of Rule 50 of the NCLT Rules place both the free certified copy as well as the certified copy which is applied for on payment of fees on the same footing.

Whether both the certified copy which is made available free of cost and the certified copy which is made available on the payment of costs, are treated as certified copies for the purpose of NCLT Rule 50? – State Bank of India Vs. India Power Corporation Ltd. – Supreme Court Read Post »

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