# In the matter of Fieldspares Sales & Services Pvt. Ltd. MA 464 & 3905-2018 & MA 123-2019 in CP(IB)-1206(MB)-2017

> NCLT judgment dated 2019-01-30. Citation: TCN-2019-NCLT-05114. The case involves an order from the Hon'ble NCLAT regarding CP(IB)-1206(MB)/2017. The NCLAT…

- **Court:** NCLT
- **Order date:** 30 Jan 2019
- **Citation:** TCN-2019-NCLT-05114
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/fieldspares-sales-services-pvt-ltd-ma-464-3905-2018-ma-123-2019-in-cpib-1206mb-2-a879c6e7

## Summary

### Background

The case involves an order from the Hon'ble NCLAT regarding CP(IB)-1206(MB)/2017. The NCLAT order, dated 24.01.2019, titled 'Kavita Anil Taneja v. ISMT Limited', set aside the orders passed by the Adjudicating Authority, including the appointment of an Interim Resolution Professional, declaration of moratorium, and freezing of accounts. The application preferred by the Respondent under Section 9 of the I&B Code was dismissed.

## Facts

The case originated from an application under Section 9 of the Insolvency and Bankruptcy Code (IBC). The Adjudicating Authority had previously appointed an Interim Resolution Professional, declared a moratorium, and frozen accounts. However, the NCLAT overturned these orders, deeming them illegal. The NCLAT order, dated 24.01.2019, in 'Kavita Anil Taneja v. ISMT Limited', directed the Adjudicating Authority to close the proceedings and release the Respondent Company from legal restrictions. The Adjudicating Authority was instructed to determine the fees for the Interim Resolution Professional, to be paid by the Corporate Debtor. The outstanding expenses of Rs. 3,10,500/- were to be paid by the Corporate Debtor as per the direction of the Hon'ble NCLAT.

## Issues and analysis

### Issue 1: Whether the orders passed by the Adjudicating Authority, including the appointment of an Interim …

**Ratio:** Orders passed by the Adjudicating Authority are subject to review and potential reversal

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**Reasoning:** The NCLAT determined that the orders and actions taken by the Adjudicating Authority and

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**Interpretation:** The interpretation is that the NCLAT has the power to review and overturn

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**Application:** In this case, the NCLAT found the Adjudicating Authority's orders to be illegal

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## Parties

- **Judges:** M.K. Sh…
- **Appellants:** Kavita Anil…
- **Respondents:** ISMT…

## Timeline

- **2019-01-24 — NCLAT Or…**: Hon'ble NCLAT, New Delhi, issued an order titled 'Kavita Anil Taneja v. ISMT Limited'…
- **2019-01-30 — NCLT Ord…**: The Mumbai Bench of the National Company Law Tribunal (NCLT) issued an order based on the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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