The writ petitions challenge an order dated May 12, 2020, issued by the Registrar of the National Company Law Tribunal (NCLT) at its Principal Bench in New Delhi. This order mandates that financial creditors must submit certain financial information as a record of default before the Information Utility (IU) as a precondition for filing new applications under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The order also applies retrospectively to pre-existing applications filed under Section 7 of the IBC, 2016, pending before various NCLT benches.
Univalue Projects Pvt. Ltd. and Cygnus Investments and Finance Pvt. Ltd. filed writ petitions challenging an order issued by the Registrar of the NCLT, New Delhi, on May 12, 2020. The order mandates that financial creditors must submit a default record from the Information Utility (IU) when filing new applications under Section 7 of the IBC, 2016. This requirement also applies retrospectively to existing applications pending before the NCLT. The petitioners argue that the order is beyond the NCLT's jurisdiction and violates the IBC, 2016, and related regulations. They contend that the NCLT's order alters their substantive rights as financial creditors and imposes an additional mandatory requirement not prescribed by the IBC, 2016. The petitioners also argue that the
…Sign in to view the parties.
Date of the order issued by the Registrar…
One of the da…
The writ petitions challenge an order dated May 12, 2020, issued by the Registrar of the National Company Law Tribunal (NCLT) at its Principal Bench in New Delhi. This order mandates that financial creditors must submit certain financial information as a record of default before the Information Utility (IU) as a precondition for filing new applications under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The order also applies retrospectively to pre-existing applications filed under Section 7 of the IBC, 2016, pending before various NCLT benches.
Univalue Projects Pvt. Ltd. and Cygnus Investments and Finance Pvt. Ltd. filed writ petitions challenging an order issued by the Registrar of the NCLT, New Delhi, on May 12, 2020. The order mandates that financial creditors must submit a default record from the Information Utility (IU) when filing new applications under Section 7 of the IBC, 2016. This requirement also applies retrospectively to existing applications pending before the NCLT. The petitioners argue that the order is beyond the NCLT's jurisdiction and violates the IBC, 2016, and related regulations. They contend that the NCLT's order alters their substantive rights as financial creditors and imposes an additional mandatory requirement not prescribed by the IBC, 2016. The petitioners also argue that the
…Date of the order issued by the Registrar…
One of the da…