The case involves an application to recall an order dated March 11, 2019, passed by the Adjudicating Authority (NCLT) in CP number 1340 of 2018, which initiated Corporate Insolvency Resolution Process (CIRP) under Section 7 of the Insolvency and Bankruptcy Code (IBC) 2016. The applicant seeks to recall the order based on a lack of jurisdiction, citing the Supreme Court's decision in Anuj Jain v Axis Bank, which clarified that a 'pledge of shares' does not qualify as 'financial debt'. The liquidation proceedings were initiated by Jindal Steel & Power Ltd. (JSPL), which, according to the Anuj Jain judgment, is not a financial creditor. The applicants argue that the continuation of the proceedings is legally untenable due to the inherent lack of jurisdiction,
…1. An application was filed to recall the order dated March 11, 2019, which initiated Corporate Insolvency Resolution Process (CIRP) against Bharat NRE Coke Ltd.
2. The CIRP was initiated based on an application under Section 7 of the Insolvency and Bankruptcy Code (IBC) 2016 by Jindal Steel & Power Ltd. (JSPL).
3. The applicant argued that JSPL is not a financial creditor according to the Supreme Court's judgment in Anuj Jain v Axis Bank, which stated that a 'pledge of shares' does not qualify as 'financial debt'.
4. The applicant contended that the initial order initiating CIRP was a nullity due to a lack of jurisdiction.
5. The applicant also argued that the doctrine of res judicata does not apply because the shareholders were not parties in the earlier
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The case involves an application to recall an order dated March 11, 2019, passed by the Adjudicating Authority (NCLT) in CP number 1340 of 2018, which initiated Corporate Insolvency Resolution Process (CIRP) under Section 7 of the Insolvency and Bankruptcy Code (IBC) 2016. The applicant seeks to recall the order based on a lack of jurisdiction, citing the Supreme Court's decision in Anuj Jain v Axis Bank, which clarified that a 'pledge of shares' does not qualify as 'financial debt'. The liquidation proceedings were initiated by Jindal Steel & Power Ltd. (JSPL), which, according to the Anuj Jain judgment, is not a financial creditor. The applicants argue that the continuation of the proceedings is legally untenable due to the inherent lack of jurisdiction,
…1. An application was filed to recall the order dated March 11, 2019, which initiated Corporate Insolvency Resolution Process (CIRP) against Bharat NRE Coke Ltd.
2. The CIRP was initiated based on an application under Section 7 of the Insolvency and Bankruptcy Code (IBC) 2016 by Jindal Steel & Power Ltd. (JSPL).
3. The applicant argued that JSPL is not a financial creditor according to the Supreme Court's judgment in Anuj Jain v Axis Bank, which stated that a 'pledge of shares' does not qualify as 'financial debt'.
4. The applicant contended that the initial order initiating CIRP was a nullity due to a lack of jurisdiction.
5. The applicant also argued that the doctrine of res judicata does not apply because the shareholders were not parties in the earlier
Case fil…
NCLT admitted the…