Validity of order of NCLT admitting the application for CIRP - ...

NCLT's Admission of Section 7 CIRP Application Overturned Due to Pending High Court Winding-Up Petition and Overlooked Orders.

July 23, 2022

Case Laws     Insolvency and Bankruptcy     AT

Validity of order of NCLT admitting the application for CIRP - Although, pendency of winding-up petition before the High Court may not preclude filing of Section 7 Application, but in the present case, when there are various orders passed by Company Judge, in Company Petition No.355 of 1997, which has relevance and consequence on Section 7 Application, the orders passed in Company Petition ought to have been adverted by the Adjudicating Authority before admitting Section 7 Application - thus, Adjudicating Authority committed error in admitting Section 7 Application, which did not deserve admission in the facts of the present case. - Adjudicating Authority committed error in admitting Section 7 Application, which did not deserve admission in the facts of the present case as noticed above. - AT

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