The Appellant-Corporate Applicant challenged the order dated 3rd July, 2017, passed by the Adjudicating Authority (National Company Law Tribunal) Mumbai Bench, Mumbai, which admitted the application preferred by the appellant under Section 10 of the Insolvency and Bankruptcy Code, 2016, passed a moratorium order, and ordered the appointment of an Insolvency Resolution Professional. The appellant's grievance is that the movable and immovable property of the Guarantor (promoter) has been attached pursuant to the Corporate Resolution Process initiated under section 10 against the Appellant-Corporate Applicant.
The Appellant-Corporate Applicant filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016. The Adjudicating Authority admitted the application, declared a moratorium, and appointed an Insolvency Resolution Professional. The appellant's grievance was the attachment of the Guarantor's property. The Adjudicating Authority interpreted Section 14 of the I&B Code, specifically the term 'its,' to mean the property owned by the Corporate Debtor. The appellant argued that the moratorium should extend to assets relating to matters pending before the Debt Recovery Tribunal (DRT) and under the SARFAESI Act. The Appellate Tribunal considered the interpretation of Section 14 and the applicability of the SARFAESI Act.
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The Appellant-Corporate Applicant challenged the order dated 3rd July, 2017, passed by the Adjudicating Authority (National Company Law Tribunal) Mumbai Bench, Mumbai, which admitted the application preferred by the appellant under Section 10 of the Insolvency and Bankruptcy Code, 2016, passed a moratorium order, and ordered the appointment of an Insolvency Resolution Professional. The appellant's grievance is that the movable and immovable property of the Guarantor (promoter) has been attached pursuant to the Corporate Resolution Process initiated under section 10 against the Appellant-Corporate Applicant.
The Appellant-Corporate Applicant filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016. The Adjudicating Authority admitted the application, declared a moratorium, and appointed an Insolvency Resolution Professional. The appellant's grievance was the attachment of the Guarantor's property. The Adjudicating Authority interpreted Section 14 of the I&B Code, specifically the term 'its,' to mean the property owned by the Corporate Debtor. The appellant argued that the moratorium should extend to assets relating to matters pending before the Debt Recovery Tribunal (DRT) and under the SARFAESI Act. The Appellate Tribunal considered the interpretation of Section 14 and the applicability of the SARFAESI Act.
The Adjudicating Authority (National Company…
The Appellate Tribunal…