Live Help
Want to know more
Enter the details and we'll call you soon

Name :

Company Name :

City :

Mobile No. :

Email id :

  

Thank you for your details



Our Executive will reach you shortly.

Your Session Will Expire in   seconds.
If you do not wish to log-out, choose 'Let me continue'
Reset SessionCancel Session
 

NCLT has power to resolve insolvency matters uninfluenced by any other order except decisions of NCLAT and SC

June 12, 2019[2019] 106 taxmann.com 138 (NCLAT- New Delhi)
259 Views

• For consideration of resolution plan submitted by company 'JSW', NCLAT remitted matter back to NCLT, Delhi with certain observations and directions - In meantime, High Court of Punjab and Haryana passed certain directions directing NCLT to follow certain procedure giving reference to decision of Supreme Court - Matter was pending before NCLT.

• NCLAT observed that “it is not clear as to how the Hon’ble Punjab & Haryana High Court that too the vacation Bench had passed an order as noticed above. The record shows that the said writ petition was heard ex-parte and disposed of without notice to the Respondent-Punjab National Bank and others”

• The NCLAT refrained from commenting on High Court’ order and said that “The Hon’ble High Court has jurisdiction under Article 226 of the Constitution of India and has also supervisory jurisdiction under Article 227 of the Constitution of India. We are not expressing any opinion as to whether they have the supervisory jurisdiction over all the Tribunals or not, but it is not clear as to how the Punjab and Haryana High Court can pass an order, which has no territorial jurisdiction over Delhi, where Principal Bench of National Company Law Tribunal, New Delhi is situated, who is considering the matter”.

• The Appellate Tribunal however, directed NCLT that the Adjudicating Authority is supposed to decide the case on merit in accordance with law uninfluenced by any order except the decision of this Appellate Tribunal and the Hon’ble Supreme Court.

read more

taxmann.com
Payment
Best view in 1140 x 768