# In the matter of Hanung Toys and Textiles Ltd. (IB)-953(PB)-2018

> NCLT judgment dated 2020-01-08. Citation: TCN-2020-NCLT-02448. The case involves an application/petition filed by Punjab National Bank against M/s. Hanung…

- **Court:** NCLT
- **Order date:** 8 Jan 2020
- **Citation:** TCN-2020-NCLT-02448
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/hanung-toys-and-textiles-ltd-ib-953pb-2018-0225a815

## Summary

### Background

The case involves an application/petition filed by Punjab National Bank against M/s. Hanung Toys and Textiles Ltd. under Section 7 of the Insolvency & Bankruptcy Code, 2016 (CIRP).

## Facts

Punjab National Bank filed an application/petition against M/s. Hanung Toys and Textiles Ltd. under Section 7 of the Insolvency & Bankruptcy Code, 2016. The corporate debtor's counsel presented a copy of an order from the Hon'ble Supreme Court dated 2019-12-18, which granted permission to file a Special Leave Application and imposed a stay on further proceedings. The court acknowledged the Supreme Court's order and adjourned the matter indefinitely.

## Issues and analysis

### Issue 1: Whether the proceedings before the NCLT should be adjourned in light of the Supreme Court's order …

**Ratio:** When a higher court issues an order staying proceedings in a lower court, the lower court

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**Reasoning:** The Hon'ble Supreme Court's order explicitly granted a stay on further proceedings. The

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**Interpretation:** The Supreme Court's order is interpreted as a temporary suspension of

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**Application:** Given the Supreme Court's stay order, the NCLT applied the ratio by adjourning

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## Parties

- **Judges:** DEEPTI M…; SH. S.K MOH…
- **Appellants:** Punjab National…
- **Respondents:** M/s. Hanung Toys…
- **Advocates:** Sankari M…

## Timeline

- **2019-12-18 — Supreme Cour…**: The Hon'ble Supreme Court granted permission to file a Special Leave Application and…
- **2020-01-08 — NCLT Ord…**: The NCLT adjourned the matter sine die…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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