CA-410

NCLAT is not vested with any power to review the judgment, however, in exercise of its inherent jurisdiction NCLAT can entertain an application for recall of judgment on sufficient grounds – Union Bank of India (Erstwhile Corporation Bank) Vs. Dinkar T. Venkatasubramanian & Ors. – NCLAT New Delhi

NCLAT held that the three-member bench judgment in Agarwal Coal Corporation Pvt. Ltd. and K.L.J Resources Ltd. & Anr. observing that the Tribunal does not have power to recall cannot be approved. The three-member bench judgments of this Tribunal insofar as observation that this Tribunal has no power to review, no exception can be taken to that part of the judgment. We, however, hold that the judgment laying down that this Tribunal has no power to recall the judgment does not lay down correct law. It is also held that this Tribunal is not vested with any power to review the judgment, however, in exercise of its inherent jurisdiction this Tribunal can entertain an application for recall of judgment on sufficient grounds.

NCLAT is not vested with any power to review the judgment, however, in exercise of its inherent jurisdiction NCLAT can entertain an application for recall of judgment on sufficient grounds – Union Bank of India (Erstwhile Corporation Bank) Vs. Dinkar T. Venkatasubramanian & Ors. – NCLAT New Delhi Read Post »

Issue of claim any injunction before High Court during pendency of the Liquidation proceeding – Alliance Broadband Services Pvt. Ltd. Vs. Manthan Broadband Services Pvt. Ltd. – Calcutta High Court

In this case, The Liquidator has refused to recognize the petitioner as secured creditor or to allow the petitioner to sell the pledged shares towards the partial satisfaction of the claim of the petitioner against the respondent. Hon’ble High Court held that as per Section 238 of the IBC, 2016 is having override effect in any other law for the time being in force. In view of my prima facie findings that this Court cannot pass any interim order at this stage. This Court is of the view that the matter in issue in the suit can be more appropriately and effectively decided and adjudicated by the NCLT. In the present case, Section 430 of the Companies Act, 2013 itself provides an additional bar by stating that no injunction shall be granted by any civil court in respect of any action taken or to be taken in pursuance of any power conferred on the NCLT by the Companies Act, 2013.

Issue of claim any injunction before High Court during pendency of the Liquidation proceeding – Alliance Broadband Services Pvt. Ltd. Vs. Manthan Broadband Services Pvt. Ltd. – Calcutta High Court Read Post »

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