The case involves multiple company petitions and applications filed in the High Court of Judicature at Bombay, primarily concerning Company Petition No. 434 of 2015. PSL Limited is a central party, being either the petitioner or respondent in various connected matters. The core issue revolves around whether the Company Court has the jurisdiction to stay proceedings initiated by a Corporate Debtor before the National Company Law Tribunal (NCLT), Ahmedabad, especially when a previously instituted company petition by a creditor has been admitted but a provisional liquidator has not been appointed. The respondent-applicant, PSL Limited, filed an application seeking the recall of an order dated 19th July 2017, which stayed proceedings before NCLT. The initial company
…On March 10, 2015, Jotun India Private Limited filed Company Petition No. 434 of 2015 against PSL Limited under Sections 433 and 434 of the Companies Act, 1956, claiming Rs.7.25 Crores with interest for unpaid invoices. On June 19, 2015, PSL Limited made a reference to the Board of Industrial and Financial Reconstruction (BIFR) under the Sick Industrial Companies Act, 1985 (SICA). On December 1, 2016, the Sick Industrial Companies (Special Provisions) Repeal Act, 2003, was notified, repealing SICA. Simultaneously, the Insolvency and Bankruptcy Code, 2016 (IBC), came into force. Section 4(b) of the Repeal Act allowed companies with pending BIFR references as of December 1, 2016, to file an application under Section 10 of IBC before NCLT within 180 days, i.e., by May 31,
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Jotun India Private Limited filed Company…
PSL Limited made a reference to the Board of…
The case involves multiple company petitions and applications filed in the High Court of Judicature at Bombay, primarily concerning Company Petition No. 434 of 2015. PSL Limited is a central party, being either the petitioner or respondent in various connected matters. The core issue revolves around whether the Company Court has the jurisdiction to stay proceedings initiated by a Corporate Debtor before the National Company Law Tribunal (NCLT), Ahmedabad, especially when a previously instituted company petition by a creditor has been admitted but a provisional liquidator has not been appointed. The respondent-applicant, PSL Limited, filed an application seeking the recall of an order dated 19th July 2017, which stayed proceedings before NCLT. The initial company
…On March 10, 2015, Jotun India Private Limited filed Company Petition No. 434 of 2015 against PSL Limited under Sections 433 and 434 of the Companies Act, 1956, claiming Rs.7.25 Crores with interest for unpaid invoices. On June 19, 2015, PSL Limited made a reference to the Board of Industrial and Financial Reconstruction (BIFR) under the Sick Industrial Companies Act, 1985 (SICA). On December 1, 2016, the Sick Industrial Companies (Special Provisions) Repeal Act, 2003, was notified, repealing SICA. Simultaneously, the Insolvency and Bankruptcy Code, 2016 (IBC), came into force. Section 4(b) of the Repeal Act allowed companies with pending BIFR references as of December 1, 2016, to file an application under Section 10 of IBC before NCLT within 180 days, i.e., by May 31,
…Jotun India Private Limited filed Company…
PSL Limited made a reference to the Board of…