Priority of section 54C applications requires their disposal before insolvency petitions filed later, subject to a fourteen day rule. An Adjudicating Authority must admit or reject a pending section 54C application before considering any petition under section 7, section 9 or section 10 for the same corporate debtor. If a section 54C application is filed within fourteen days of an existing petition under sections 7, 9 or 10, the section 54C application takes priority; if filed after fourteen days, the earlier petition takes priority. The priority rules do not apply to petitions already pending on the amendment's commencement.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Priority of section 54C applications requires their disposal before insolvency petitions filed later, subject to a fourteen day rule.
An Adjudicating Authority must admit or reject a pending section 54C application before considering any petition under section 7, section 9 or section 10 for the same corporate debtor. If a section 54C application is filed within fourteen days of an existing petition under sections 7, 9 or 10, the section 54C application takes priority; if filed after fourteen days, the earlier petition takes priority. The priority rules do not apply to petitions already pending on the amendment's commencement.
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