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NCLAT directs NCLT to promptly decide main petition, vacates interim order & resolves Contempt Case. The NCLAT disposed of Company Appeal (AT) (Insolvency) No. 79 of 2021 and Company Appeal (AT) (Insolvency) No. 1095 of 2021, directing the NCLT to decide ...
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NCLAT directs NCLT to promptly decide main petition, vacates interim order & resolves Contempt Case.
The NCLAT disposed of Company Appeal (AT) (Insolvency) No. 79 of 2021 and Company Appeal (AT) (Insolvency) No. 1095 of 2021, directing the NCLT to decide the main petition promptly. The interim order from 12.02.2021 was vacated, and Contempt Case (AT) No. 10 of 2021 was also resolved.
Issues Involved: 1. Interim Order and Status Quo 2. Impleadment of State Bank of India 3. Contempt Case for Violation of Status Quo 4. Main Petition Pending Before NCLT
Summary:
1. Interim Order and Status Quo: The Appellant filed Company Appeal (AT) (Insolvency) No. 79 of 2021 u/s 61 of the Insolvency and Bankruptcy Code, 2016, challenging the order dated 18.01.2021 by the NCLT, Mumbai Bench. The NCLAT passed an interim order on 12.02.2021 directing that "status quo as on today prevailing in the matter should be maintained." The Respondent sought to vacate this interim order to proceed with the corporate insolvency resolution process.
2. Impleadment of State Bank of India: I.A. No. 640 of 2021 was filed by the State Bank of India under Rule 11 of the NCLAT Rules, 2016, seeking to be impleaded as a necessary party in Company Appeal (AT) (Insolvency) No. 79 of 2021.
3. Contempt Case for Violation of Status Quo: Contempt Case (AT) No. 10 of 2021 was filed by the Appellant against the Contemnors for convening the 8th meeting of the Committee of Creditors and approving the publication of FORM-G for inviting Expression of Interest, which allegedly violated the status quo order dated 12.02.2021.
4. Main Petition Pending Before NCLT: The main petition was still pending before the NCLT, Mumbai Bench. The NCLAT noted that the Company Appeal (AT) (Insolvency) No. 644 of 2019 had been dismissed, thereby rendering the present appeal infructuous. The NCLAT directed the NCLT to decide the main petition on merit at an early date and vacated the interim order dated 12.02.2021.
Conclusion: The NCLAT disposed of both Company Appeal (AT) (Insolvency) No. 79 of 2021 and Company Appeal (AT) (Insolvency) No. 1095 of 2021 with a request to the NCLT, Mumbai Bench, to decide the main petition on merit at an early date. The interim order dated 12.02.2021 was vacated, and the Contempt Case (AT) No. 10 of 2021 was also disposed of.
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