# In the matter of Isgee Heavy Engineering Ltd. Vs. Bhushan Energy Ltd. Through its R.P. & Ors. CA(AT)(Insolvency) No. 532-2019

> NCLAT judgment dated 2019-05-17. Citation: TCN-2019-NCLAT-00543. The case involves an appeal against an order passed by the Adjudicating Authority (National…

- **Court:** NCLAT
- **Order date:** 17 May 2019
- **Citation:** TCN-2019-NCLAT-00543
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/isgee-heavy-engineering-ltd-vs-bhushan-energy-ltd-through-its-rp-ors-ca-af4aadd2

## Summary

### Background

The case involves an appeal against an order passed by the Adjudicating Authority (National Company Law Tribunal), New Delhi, Principal Bench. The appellant challenged the order dated 4th April, 2019. The Adjudicating Authority had clarified that the moratorium under Section 14 of the Code, 2016 continues to be in operation until it is revoked, and there was no order of revocation of the moratorium.

## Facts

The Appellant, Isgee Heavy Engineering Ltd., challenged an order dated 4th April, 2019, passed by the Adjudicating Authority (National Company Law Tribunal), New Delhi, Principal Bench. The Adjudicating Authority had clarified that the moratorium under Section 14 of the Code, 2016 continues to be in operation until it is revoked, and there was no order of revocation of the moratorium. The Appellant's counsel argued that the moratorium period should have been treated as completed on 5th October, 2018, as more than 270 days had passed. The resolution plan had been filed before the Adjudicating Authority, which was considered, and an order was reserved on 15th November, 2018. The appellant also requested that the arbitration proceeding filed by the Appellant should be

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## Issues and analysis

### Issue 1: Whether the moratorium period should have been …

**Ratio:** The moratorium under Section 14 of the Code, 2016, continues to be in operation until it

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**Reasoning:** The court acknowledged that the resolution plan had been filed before the Adjudicating

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**Interpretation:** The interpretation of Section 14 of the Code, 2016, is that the moratorium

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**Application:** The court applied the principle that the moratorium continues until revoked to

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## Parties

- **Judges:** S.J. Mukhop…; A.I.S. C…; +1 more
- **Appellants:** Isgee Heavy…
- **Respondents:** Bhushan Energy…

## Timeline

- **2019-04-04 — Order by Adjudicating…**: The Adjudicating Authority (National Company Law Tribunal) passed an order clarifying…
- **2018-10-05 — Appellant's Claimed…**: Appellant's counsel submitted that the period of moratorium should have been treated as…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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