The case originates from a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, filed by M/s Yamuna Fertilizer, an operational creditor, against M/s SEL Manufacturing Company Limited, the corporate debtor. A prior petition under Section 7 of the IBC, 2016, had already been admitted against the corporate debtor at the instance of State Bank of India. The petitioner's counsel referred to an order dated 23.01.2019 from the NCLAT, New Delhi, in Company Appeal (AT) (Insolvency) No.76 of 2019, titled "Rokadoba Maharaj Ginning & Pressing Pvt.Ltd. Vs. Sel Manufacturing Company Limited”. Reference was also made to an order dated 22.06.2018 of the Punjab and Haryana High Court in CWP-15685-2018, titled “Dhiraj Saluja Vs. Union of India And Ors".
M/s Yamuna Fertilizer, an operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against M/s SEL Manufacturing Company Limited, the corporate debtor. Previously, a petition under Section 7 of the IBC, 2016, had been admitted against the same corporate debtor at the instance of State Bank of India. The petitioner's counsel cited an order dated 23.01.2019 from the NCLAT and an order dated 22.06.2018 from the Punjab and Haryana High Court. The petitioner's counsel argued that there was no bar on the corporate debtor making payments towards salaries, vendors, and suppliers. The Hon'ble High Court had directed that all future revenues of the respondent company be routed through a Trust and Retention Account. The court directed
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The case originates from a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, filed by M/s Yamuna Fertilizer, an operational creditor, against M/s SEL Manufacturing Company Limited, the corporate debtor. A prior petition under Section 7 of the IBC, 2016, had already been admitted against the corporate debtor at the instance of State Bank of India. The petitioner's counsel referred to an order dated 23.01.2019 from the NCLAT, New Delhi, in Company Appeal (AT) (Insolvency) No.76 of 2019, titled "Rokadoba Maharaj Ginning & Pressing Pvt.Ltd. Vs. Sel Manufacturing Company Limited”. Reference was also made to an order dated 22.06.2018 of the Punjab and Haryana High Court in CWP-15685-2018, titled “Dhiraj Saluja Vs. Union of India And Ors".
M/s Yamuna Fertilizer, an operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against M/s SEL Manufacturing Company Limited, the corporate debtor. Previously, a petition under Section 7 of the IBC, 2016, had been admitted against the same corporate debtor at the instance of State Bank of India. The petitioner's counsel cited an order dated 23.01.2019 from the NCLAT and an order dated 22.06.2018 from the Punjab and Haryana High Court. The petitioner's counsel argued that there was no bar on the corporate debtor making payments towards salaries, vendors, and suppliers. The Hon'ble High Court had directed that all future revenues of the respondent company be routed through a Trust and Retention Account. The court directed
…Reference to an order dated 23.01.2019 of the…
Reference to an order dated 22.06.2018 of the…