2021 (4) TMI 223 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL , PRINCIPAL BENCH , NEW DELHI - Insolvency & Bankruptcy

Head Note / Extract:
Sanction of scheme of Merger and amalgamation - Seeking direction of the Tribunal for convening and holding separate meetings of certain class of creditors of the Company - whether the Tribunal while exercising the jurisdiction under Section 230 of the Act, can pass directions against the RBI? - Applicability of 07th Jun, 2019 circular of RBI - HELD THAT:- At this stage, if we express any opinion in regard to the submissions of Ld. Counsels for the parties it will affect the merits of the Appeal. However, we are of the view that if the operation of the aforesaid direction is stayed it will not prejudice to the proceedings pending before the Tribunal. Therefore, we deem it appropriate to pass ad-interim order. In Para 34 of the impugned order following direction is stayed till pendency of this Appeal:- “all governmental or regulatory authorities shall be estopped from taking any coercive steps including reporting in any form and/or changing the account status of the Company” Application allowed.