Several writ petitions were filed challenging the jurisdiction of the Debt Recovery Tribunal (DRT) to entertain insolvency applications, particularly in light of the Insolvency and Bankruptcy Code (IBC) and the Supreme Court's decision in Lalit Kumar Jain vs. Union of India.
Kotak Mahindra Bank Ltd, Anbit Finvest Pvt Ltd, Reliance Asset Reconstruction Company Ltd, and Vinay Jain filed writ petitions challenging the DRT's jurisdiction.
The petitioners argued that the insolvency proceedings initiated before the DRT should be transferred to the NCLT in light of the IBC and the Lalit Kumar Jain case.
The DRT had issued an order declaring an interim moratorium under Section 96 of the IBC.
The petitioners contended that the respondents initiated collusive proceedings to stall proceedings under the SARFAESI Act.
An application under Section 9 of IBC was already filed by the operational creditor against the principal borrower, which was admitted on 16 February 2024.
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The Petitioner initiated proceedings under…
An order was issued allowing the application…
Several writ petitions were filed challenging the jurisdiction of the Debt Recovery Tribunal (DRT) to entertain insolvency applications, particularly in light of the Insolvency and Bankruptcy Code (IBC) and the Supreme Court's decision in Lalit Kumar Jain vs. Union of India.
Kotak Mahindra Bank Ltd, Anbit Finvest Pvt Ltd, Reliance Asset Reconstruction Company Ltd, and Vinay Jain filed writ petitions challenging the DRT's jurisdiction.
The petitioners argued that the insolvency proceedings initiated before the DRT should be transferred to the NCLT in light of the IBC and the Lalit Kumar Jain case.
The DRT had issued an order declaring an interim moratorium under Section 96 of the IBC.
The petitioners contended that the respondents initiated collusive proceedings to stall proceedings under the SARFAESI Act.
An application under Section 9 of IBC was already filed by the operational creditor against the principal borrower, which was admitted on 16 February 2024.
…The Petitioner initiated proceedings under…
An order was issued allowing the application…