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...
A party instituted a civil declaratory suit challenging initiation of CIRP, disputing existence of a legally enforceable debt and alleging fraud/forgery in documents including an assignment deed, while seeking to bypass the IBC framework. The Court held that although the NCLT, while admitting a Section 7 application, cannot adjudicate pre-existing disputes about the debt, the IBC vests the NCLT with jurisdiction under Sections 65, 75 and 60(5)(c) read with the NCLT Rules to examine fraud, collusion, and veracity of documents, with consequences extending to continuation of CIRP. The civil suit was an impermissible collateral attack barred by IBC ouster provisions; the plaint was rejected under Order VII Rule 11 CPC - HC
A party instituted a civil declaratory suit challenging initiation of CIRP, disputing existence of a legally enforceable debt and alleging fraud/forgery in documents including an assignment deed, while seeking to bypass the IBC framework. The Court held that although the NCLT, while admitting a Section 7 application, cannot adjudicate pre-existing disputes about the debt, the IBC vests the NCLT with jurisdiction under Sections 65, 75 and 60(5)(c) read with the NCLT Rules to examine fraud, collusion, and veracity of documents, with consequences extending to continuation of CIRP. The civil suit was an impermissible collateral attack barred by IBC ouster provisions; the plaint was rejected under Order VII Rule 11 CPC - HC
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