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The Government dues cannot have precedents over the secured lenders and no recovery action can be taken against the Corporate Debtor during the CIRP period subsequent to initiation of moratorium under Section 14 of the Code – Mr. Nandkishor Vishnupant Deshpande, Resolution Professional Vs. Diamond India Limited – NCLT Mumbai Bench

/ 4 minutes of reading

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The Government dues cannot have precedents over the secured lenders and no recovery action can be taken against the Corporate Debtor during the CIRP period subsequent to initiation of moratorium under Section 14 of the Code – Mr. Nandkishor Vishnupant Deshpande, Resolution Professional Vs. Diamond India Limited – NCLT Mumbai Bench Read Post »

In strict interpretation of Section 238 & 248 of the Code read with Section 142A of the Customs Act, 1962, it is obvious that the code will override anything inconsistent contained in any other enactment – Mr. Nandkishor Vishnupant Deshpande, RP of Royal Refinery Pvt. Ltd. Vs. Director of Revenue Intelligence – NCLT Mumbai Bench

/ 2 minutes of reading

It was also held that in strict interpretation of Section 238 & 248 of the Code read with Section 142A of the Customs Act, 1962, it is obvious that the code will override anything inconsistent contained in any other enactment. With the initiation of CIRP of the Corporate Debtor, the order of attachment dated 31.05.2019 passed by Respondent No. 1 is in conflict with the ongoing CIRP and shall be stayed/ vacated. There cannot be any doubt that the amount of Rs. 77,39,624/- which is the balance of margin money deposited by the Corporate Debtor with the Respondent No. 2, is an asset of the Corporate Debtor and by virtue of the declaration of Moratorium under Section 14 of the Code, there shall be a stay of all proceedings pending against the Corporate Debtor. The Applicant shall take control and custody of any asset over which the Corporate Debtor has ownership rights under Section 18(f) of the Code.(p39-40)

In strict interpretation of Section 238 & 248 of the Code read with Section 142A of the Customs Act, 1962, it is obvious that the code will override anything inconsistent contained in any other enactment – Mr. Nandkishor Vishnupant Deshpande, RP of Royal Refinery Pvt. Ltd. Vs. Director of Revenue Intelligence – NCLT Mumbai Bench Read Post »

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