Maintainability of a Section 7 insolvency petition against a financial service provider denied; appeal dismissed for non maintainability and complex d...
Provisional attachment under Prevention of Money Laundering Act requires exhaustion of statutory remedies; impugned order set aside, appeal to tribuna...
Restoration of property under Prevention of Money Laundering Act after attachment dispute rendered academic; possession directed to successful resolut...
On whether the Adjudicating Authority had jurisdiction under s.60(5) IBC to direct vacating of the corporate debtor's premises and recovery of rent/licence fees, it was held that the reliefs arose out of and were connected with the insolvency/liquidation process, and s.60(5) confers wide residuary jurisdiction to decide questions of law and fact relating to such process, consistent with the overriding effect of the IBC and the bar on civil court jurisdiction; hence, the jurisdictional objection failed and the directions were sustained. On validity of a fresh lease executed after commencement of CIRP and imposition of moratorium, the moratorium prohibited creation of legal rights in the corporate debtor's assets, rendering the fresh lease invalid and unenforceable, resulting in dismissal of the appeals. - NCLAT
On whether the Adjudicating Authority had jurisdiction under s.60(5) IBC to direct vacating of the corporate debtor's premises and recovery of rent/licence fees, it was held that the reliefs arose out of and were connected with the insolvency/liquidation process, and s.60(5) confers wide residuary jurisdiction to decide questions of law and fact relating to such process, consistent with the overriding effect of the IBC and the bar on civil court jurisdiction; hence, the jurisdictional objection failed and the directions were sustained. On validity of a fresh lease executed after commencement of CIRP and imposition of moratorium, the moratorium prohibited creation of legal rights in the corporate debtor's assets, rendering the fresh lease invalid and unenforceable, resulting in dismissal of the appeals. - NCLAT
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