New LODR Fifth Amendment reshapes related party transaction rules, disclosure duties, and non-convertible security communication timelines under Sched...
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NCLAT dismissed the company appeal filed by the corporate guarantor, upholding the NCLT, Chennai's admission of a s.7 IBC application. It held that, although on the filing date against the guarantor no CIRP was pending against the principal borrower, by the time the guarantor's petition was heard, the s.7 application against the principal borrower stood registered and pending. Applying s.60(2) IBC, NCLAT ruled that proceedings arising from the same debenture trust deed must be adjudicated before a common forum to avoid conflicting determinations. It rejected the contention that "pendency" under s.60(2) requires commencement of CIRP, holding that initiation and pendency of a s.7 application suffices, and further found that any objection to concurrent territorial jurisdiction had been waived by not being raised at the earliest stage.
NCLAT dismissed the company appeal filed by the corporate guarantor, upholding the NCLT, Chennai's admission of a s.7 IBC application. It held that, although on the filing date against the guarantor no CIRP was pending against the principal borrower, by the time the guarantor's petition was heard, the s.7 application against the principal borrower stood registered and pending. Applying s.60(2) IBC, NCLAT ruled that proceedings arising from the same debenture trust deed must be adjudicated before a common forum to avoid conflicting determinations. It rejected the contention that "pendency" under s.60(2) requires commencement of CIRP, holding that initiation and pendency of a s.7 application suffices, and further found that any objection to concurrent territorial jurisdiction had been waived by not being raised at the earliest stage.
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