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Insolvency and BankruptcyMarch 21, 2024Case LawsHC
Validity of declaring of the respondent as a Secured Creditor - retention of shares held as security - The primary grievance of the petitioner was that the National Company Law Tribunal (NCLT) should have decided the Liquidator’s application under Section 25 of the Insolvency and Bankruptcy Code (IBC), 2016 prior to deciding the application under Regulation 21-A of the IBBI (Liquidation Process) Regulations, 2016. - The High court emphasized that the order under Regulation 21-A did not affect the petitioner's position adversely, as the shares became part of the liquidation estate, ensuring the interests of all secured creditors. - The High Court dismissed the writ petition filed by the petitioner challenging the order of the NCLT, which directed the sale of shares held by the respondent.
Validity of declaring of the respondent as a Secured Creditor - retention of shares held as security - The primary grievance of the petitioner was that the National Company Law Tribunal (NCLT) should have decided the Liquidator’s application under Section 25 of the Insolvency and Bankruptcy Code (IBC), 2016 prior to deciding the application under Regulation 21-A of the IBBI (Liquidation Process) Regulations, 2016. - The High court emphasized that the order under Regulation 21-A did not affect the petitioner's position adversely, as the shares became part of the liquidation estate, ensuring the interests of all secured creditors. - The High Court dismissed the writ petition filed by the petitioner challenging the order of the NCLT, which directed the sale of shares held by the respondent.
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