The case arises from an order dated 01.10.2024 passed by the Hon'ble Bombay High Court in Writ Petition (L) No. 26313 of 2024. The Technology Development Board (TDB), as the Financial Creditor, initiated Corporate Insolvency Resolution Process (CIRP) against Perfect Infraengineers Limited, the Corporate Debtor, under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC). The NCLT admitted the Company Petition (IB) No. 322/MB/2023 on 15th July 2024, leading to a moratorium under Section 14 of the IBC. The Corporate Debtor, claiming to be a Micro, Small, and Medium Enterprise (MSME), challenged the CIRP initiation, citing the MSME Development Act, 2006, and related notifications. The Bombay High Court directed the NCLT to provide an opportunity to the Corporate
…The Technology Development Board (TDB) initiated CIRP against Perfect Infraengineers Limited under Section 7 of the IBC. The NCLT admitted the Company Petition on 15th July 2024, leading to a moratorium. Perfect Infraengineers Limited claimed to be an MSME and argued that the MSME Act's revival framework should take precedence. The Bombay High Court directed the NCLT to hear the Corporate Debtor, considering the Supreme Court's judgment on the MSME Act's statutory force. The Supreme Court had set aside an earlier order of the Bombay High Court related to the MSME issue. The Corporate Debtor filed multiple IAs seeking recall/review of previous orders, including those related to recusal of judges and impleadment of ICICI Bank. The NCLT considered the arguments on the
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Hon'ble Bombay High…
NCLT admitted Company Petition (IB) No.322 of…
The case arises from an order dated 01.10.2024 passed by the Hon'ble Bombay High Court in Writ Petition (L) No. 26313 of 2024. The Technology Development Board (TDB), as the Financial Creditor, initiated Corporate Insolvency Resolution Process (CIRP) against Perfect Infraengineers Limited, the Corporate Debtor, under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC). The NCLT admitted the Company Petition (IB) No. 322/MB/2023 on 15th July 2024, leading to a moratorium under Section 14 of the IBC. The Corporate Debtor, claiming to be a Micro, Small, and Medium Enterprise (MSME), challenged the CIRP initiation, citing the MSME Development Act, 2006, and related notifications. The Bombay High Court directed the NCLT to provide an opportunity to the Corporate
…The Technology Development Board (TDB) initiated CIRP against Perfect Infraengineers Limited under Section 7 of the IBC. The NCLT admitted the Company Petition on 15th July 2024, leading to a moratorium. Perfect Infraengineers Limited claimed to be an MSME and argued that the MSME Act's revival framework should take precedence. The Bombay High Court directed the NCLT to hear the Corporate Debtor, considering the Supreme Court's judgment on the MSME Act's statutory force. The Supreme Court had set aside an earlier order of the Bombay High Court related to the MSME issue. The Corporate Debtor filed multiple IAs seeking recall/review of previous orders, including those related to recusal of judges and impleadment of ICICI Bank. The NCLT considered the arguments on the
…Hon'ble Bombay High…
NCLT admitted Company Petition (IB) No.322 of…