Indian Oil Corporation Limited filed a writ petition against the Union of India and others, challenging an order passed by the National Company Law Tribunal (NCLT), Principal Bench, New Delhi. The petitioner was aggrieved by the NCLT's order dated December 13, 2019, which granted a stay against the encashment of a bank guarantee in a matter involving ICICI Bank and Punj Lloyd Ltd. The petitioner argued that the NCLT had jurisdictional errors.
Indian Oil Corporation Limited (IOCL) filed a writ petition challenging an order by the National Company Law Tribunal (NCLT), Principal Bench, New Delhi, dated December 13, 2019. The NCLT order, CA-2823 (PB)/ 2019 in Petition No. (IB) -731 (PB)/ 2018, titled “ICICI Bank v. Punj Lloyd Ltd.,” granted a stay against the encashment of a bank guarantee. IOCL argued that the NCLT's order was based on jurisdictional errors. The High Court noted that the NCLT's order is appealable under Section 61 of the Insolvency and Bankruptcy Code, 2016. The court also observed that the NCLT has the power, jurisdiction, and authority to decide the case in question.
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Petition No. (IB) -731 (PB)/ 2018 titled “ICICI…
The National Company Law Tribunal (NCLT),…
Indian Oil Corporation Limited filed a writ petition against the Union of India and others, challenging an order passed by the National Company Law Tribunal (NCLT), Principal Bench, New Delhi. The petitioner was aggrieved by the NCLT's order dated December 13, 2019, which granted a stay against the encashment of a bank guarantee in a matter involving ICICI Bank and Punj Lloyd Ltd. The petitioner argued that the NCLT had jurisdictional errors.
Indian Oil Corporation Limited (IOCL) filed a writ petition challenging an order by the National Company Law Tribunal (NCLT), Principal Bench, New Delhi, dated December 13, 2019. The NCLT order, CA-2823 (PB)/ 2019 in Petition No. (IB) -731 (PB)/ 2018, titled “ICICI Bank v. Punj Lloyd Ltd.,” granted a stay against the encashment of a bank guarantee. IOCL argued that the NCLT's order was based on jurisdictional errors. The High Court noted that the NCLT's order is appealable under Section 61 of the Insolvency and Bankruptcy Code, 2016. The court also observed that the NCLT has the power, jurisdiction, and authority to decide the case in question.
Petition No. (IB) -731 (PB)/ 2018 titled “ICICI…
The National Company Law Tribunal (NCLT),…