Latest - TMI e-Newsletter
New User/ Regiser
2022 (6) TMI 717 - Insolvency & Bankruptcy
Head Note / Extract:
Maintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Financial Creditors - existence of debt and dispute or not - Doctrine of Merger - merger of order of NCLAT, where there was a specific direction to this Adjudicating Authority to admit the application and pass consequential orders, with Supreme Court order - HELD THAT:- Hon'ble NCLAT in its order dated 02.12.2021 in the last para specifically directed the Adjudicating Authority to pass consequential orders within one month from the date on which copy of this order is produced before the Adjudicating Authority, and further mentioned that during this period, it is open to the parties to endeavour to enter into settlement - as per the Doctrine of Merger, order of Hon'ble NCLAT merged into the order of Hon'ble Supreme Court on 05.05.2022 and one month period mentioned in the order of Hon'ble NCLAT giving liberty to the parties to enter into settlement be considered from 06.05.2022. In compliance of the order dated 02.12.2021 passed by the Hon'ble NCLAT which is merged in the order passed by Hon'ble Supreme Court dated 05.05.2022, this application is admitted and moratorium as described under Section 14 of IBC, 2016 is triggered from the date of this order. Application admitted - moratorium declared.