In terms of the commencement of proceedings under the IBC, the plaintiff would now have the solitary remedy of filing a claim and participate in the collective statutory settlement process, since the same would also relate to a settlement of claims, it would appear to fall within the scope of Section 16 of Court-Fees Act, 1870 – Proud Securities and Credits Pvt. Ltd. Vs. Urrshila Kerkar & Anr. – Delhi High Court

Hon'ble High Court notes that once personal insolvency has commenced in terms of Section 95, the interim moratorium would come into play immediately upon the institution of those proceedings. In terms of the commencement of proceedings under the IBC, the plaintiff would now have the solitary remedy of filing a claim and participate in the collective statutory settlement process that would ensue against the defendants. Since the same would also relate to a settlement of claims, it would appear to fall within the scope of Section 16 of Court-Fees Act, 1870.

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