No new petition shall be entertained section 7 of IBC, 2016 without record of default from Information utility – NCLT order File No. 25/02/2020 dated 12.05.2020 & modified on 13.08.2020

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No new petition shall be entertained section 7 of IBC, 2016 without record of default from Information utility

NCLT order File No. 25/02/2020 dated 12.05.2020

Order

I. Issued: 12.05.2020

All concerned are directed to file default record from Information Utility alongwith the new petitions being filed under section 7 of Insolvency and Bankruptcy Code, 2016 positively. No new petition shall be entertained without record of default under section 7 of IBC, 2016.

The Authorized Representative/Parties in the cased pending for admission under aforesaid section of IBC also directed to file default record from Information Utility before next date of hearing.

This issue with approval of Hon’ble Actg. President

-sd-
(Shiv Ram Bairwa)
Registrar

2. Modification on 13.08.2020

No. 25/02/2020-NCLT

NATIONAL COMPANY LAW TRIBUNAL

6th Floor, Block-3,
CGO Complex, Lodhi Road,
New Delhi-110003
Dated, 13 the August, 2020

ORDER

In modification of Order File No. 25/02/2020-NCLT dated 12th May, 2020, it is hereby ordered as under:-

All concerned are directed to file default record from the Information Utility along with the new petitions filed under section 7 of the Insolvency and Bankruptcy Code, 2016 wherever available with the Information Utility.

The Authorized Representatives/Parties in the cases pending for admission under aforesaid section of the IBC are also directed to file default record from the Information Utility wherever available with the Information Utility.

This issues with the approval of Hon’ ble Acting President.

(Shiv Ram Bairwa)
Registrar

III. Declared as Ultra virus

NCLT order dated 12.05.2020 making mandatory prescription on all financial creditors to submit certain financial information as a record of default before the Information Utility is ultra vires the IBC, 2016 – Univalue Projects Pvt. Ltd. & Anr. Vs. The Union of India & Ors [2020] ibclaw.in 25 HC – Calcutta High Court

 

1 comment

  1. Please note that the mother notification of 12th May 2020 has been quashed and set aside by the Hon’ble High Court at Calcutta by judgement and order dated 18th August 2020 holding that NCLT does not have any jurisdiction to issue such notifications as it is not vested with such powers under the Companies Act 2013 or the Insolvency Bankruptcy Code 2016. Moreover the notifications dated 12th May and 13th August, issued subsequently are de hors the spirit of the Code and against the statute.

    Kindly look into this link for the whole judgement.
    https://www.barandbench.com/news/litigation/cal-hc-strikes-down-filing-default-record-information-utility-ibc

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