Home Case Index All Cases Insolvency and Bankruptcy Insolvency and Bankruptcy + AT Insolvency and Bankruptcy - 2022 (9) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2022 (9) TMI 140 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL , PRINCIPAL BENCH , NEW DELHIValidity of order of NCLT issuing Direction to IBBI not to initiate any enquiry till further orders, if any enquiry is initiated, the same be halted till further direction from the court - HELD THAT:- Hon’ble Supreme Court in the case of K. Sashidhar Vs. Indian Overseas Bank & Ors. [2019 (2) TMI 1043 - SUPREME COURT] has held that the prescribed authorities (NCLT/NCLAT) have been endowed with limited jurisdiction as specified in the I&B Code and not to act as a court of equity or exercise plenary powers. This Appellate Tribunal in the case of M/S. MOHAN GEMS & JEWELS PRIVATE LIMITED THROUGH ITS LIQUIDATOR DEBASHISH NANDA VERSUS VIJAY VERMA, INSOLVENCY AND BANKRUPTCY BOARD OF INDIA [2021 (8) TMI 1000 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL , PRINCIPAL BENCH , NEW DELHI] and INSOLVENCY AND BANKRUPTCY BOARD OF INDIA (IBBI) VERSUS SHRI RISHI PRAKASH VATS AND ORS. [2019 (8) TMI 629 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHI], has held similar view. The impugned orders passed by the Adjudicating Authority cannot be sustained in the eye of law - Appeal allowed.
|