IL & FS Financial Services Ltd. ('Financial Creditor') filed an appeal against the order dated 16th July, 2019, passed by the Adjudicating Authority (National Company Law Tribunal) Special Principal Bench, New Delhi. The NCLT order stated that proceedings before the NCLT were stayed by the Hon'ble Supreme Court. The NCLT order also clarified that the Appellate Tribunal had passed an order wherein the Financial Creditor is an entity which is different from the NCLT. The Hon'ble Supreme Court had stayed the order on 08.05.2019.
IL & FS Financial Services Ltd. filed an appeal against an order passed by the NCLT. The NCLT order referred to a stay order by the Supreme Court on proceedings before the NCLT. The appeal concerns the maintainability of an application under Section 7 of the Insolvency & Bankruptcy Code, 2016 by the allottees. The Hon'ble Supreme Court is to decide whether the allottees come within the meaning of 'Financial Creditor'. The Appellate Tribunal notes that the issue before the Hon'ble Supreme Court is not applicable to the 'Financial Creditor' like the Appellant, who disbursed the amount against the consideration for the time value of money and their application under Section 7. The order of stay passed by Hon'ble Supreme Court on 8th May, 2019, relates to the
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IL & FS Financial Services Ltd. ('Financial Creditor') filed an appeal against the order dated 16th July, 2019, passed by the Adjudicating Authority (National Company Law Tribunal) Special Principal Bench, New Delhi. The NCLT order stated that proceedings before the NCLT were stayed by the Hon'ble Supreme Court. The NCLT order also clarified that the Appellate Tribunal had passed an order wherein the Financial Creditor is an entity which is different from the NCLT. The Hon'ble Supreme Court had stayed the order on 08.05.2019.
IL & FS Financial Services Ltd. filed an appeal against an order passed by the NCLT. The NCLT order referred to a stay order by the Supreme Court on proceedings before the NCLT. The appeal concerns the maintainability of an application under Section 7 of the Insolvency & Bankruptcy Code, 2016 by the allottees. The Hon'ble Supreme Court is to decide whether the allottees come within the meaning of 'Financial Creditor'. The Appellate Tribunal notes that the issue before the Hon'ble Supreme Court is not applicable to the 'Financial Creditor' like the Appellant, who disbursed the amount against the consideration for the time value of money and their application under Section 7. The order of stay passed by Hon'ble Supreme Court on 8th May, 2019, relates to the
…Order passed by the Adjudicating Authority…
Hon'ble Supreme Court…