# In the matter of Vantage Spinners Private Limited IA(IBC)-144-2022 in CP(IB)No. 39-7-AMR-2021

> NCLT judgment dated 2022-10-26. Citation: TCN-2022-NCLT-00614. The case involves an application (IA(IBC)/144/2022) filed in connection with…

- **Court:** NCLT
- **Order date:** 26 Oct 2022
- **Citation:** TCN-2022-NCLT-00614
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/vantage-spinners-private-limited-iaibc-144-2022-in-cpibno-39-7-amr-2021-085fa6de

## Summary

### Background

The case involves an application (IA(IBC)/144/2022) filed in connection with CP(IB)No.39/7/AMR/2021. The NCLAT has granted a stay on the order of the Tribunal regarding the continuation of the CIRP.

## Facts

The State Bank of India initiated a Corporate Insolvency Resolution Process (CIRP) against Vantage Spinners Private Limited under CP(IB)No.39/7/AMR/2021. An application, IA(IBC)/144/2022, was filed in connection with this CIRP. The Financial Creditor's claim was not admitted by the Resolution Professional (RP). The NCLAT issued a stay order on the Tribunal's order regarding the continuation of the CIRP, dated 27.03.2022. This stay order is a crucial fact, as it directly impacts the Tribunal's ability to proceed with the application.

## Issues and analysis

### Issue 1: Whether the Tribunal can admit the claim of the Applicant when a stay order has been granted by the …

**Ratio:** A court or tribunal cannot proceed with a matter if a higher court has issued a stay

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**Reasoning:** The Tribunal reasoned that the NCLAT's stay order prevents it from taking any action that

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**Interpretation:** The stay order issued by the NCLAT effectively suspends the Tribunal's

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**Application:** Because the NCLAT granted a stay on the order of the Tribunal with regard to

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## Parties

- **Judges:** TELAPROLU…
- **Respondents:** Vantage Spinners…

## Timeline

- **2021-01-01 — CP(IB) F…**: CP(IB)No.39/7/AMR/2021…
- **2022-03-27 — NCLAT Stay…**: NCLAT granted a stay of the order of the Tribunal with regard to the continuation of the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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