https://www.taxtmi.com/caselaws?id=291716 The NCLT imposed a moratorium under Section 60(5) of the IBC, 2016, restraining the respondent-corporate debtor from disposing of assets before the main petition's admission. Despite conflicting orders, the Tribunal upheld the release of the Rs. 40 Crores deposited amount to the respondent, as the petitioner-bank had no lien under Section 171 of the Indian Contract Act, 1872. The Tribunal exercised its inherent powers under Rule 11 of the NCLT Rules, 2016, to prevent potential abuse of the legal process, aligning with the NCLAT's precedent in the NUI Pulp and Paper Industries case. en-us Wed, 28 Aug 2019 00:00:00 +0530 Wed, 13 Nov 2024 12:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=291716 The NCLT imposed a moratorium under Section 60(5) of the IBC, 2016, restraining the respondent-corporate debtor from disposing of assets before the main petition's admission. Despite conflicting orders, the Tribunal upheld the release of the Rs. 40 Crores deposited amount to the respondent, as the petitioner-bank had no lien under Section 171 of the Indian Contract Act, 1872. The Tribunal exercised its inherent powers under Rule 11 of the NCLT Rules, 2016, to prevent potential abuse of the legal process, aligning with the NCLAT's precedent in the NUI Pulp and Paper Industries case. Case-Laws IBC Wed, 28 Aug 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=291716