https://www.taxtmi.com/caselaws?id=401488 The National Company Law Tribunal, Ahmedabad Bench, ruled that a petition under Section 241-242 of the Companies Act, 2013 was not maintainable during the pendency of an insolvency application under Section 7 of the IB Code. The Tribunal emphasized that once insolvency proceedings are initiated, management is suspended and vested in the Resolution Professional, making it impractical to address issues of oppression and mismanagement. The Tribunal highlighted the primacy of the Committee of Creditors' decisions in insolvency matters, leading to the dismissal of the petition under Section 241-242 as it would not survive the insolvency proceedings. en-us Fri, 28 Aug 2020 00:00:00 +0530 Wed, 09 Dec 2020 11:00:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=401488 The National Company Law Tribunal, Ahmedabad Bench, ruled that a petition under Section 241-242 of the Companies Act, 2013 was not maintainable during the pendency of an insolvency application under Section 7 of the IB Code. The Tribunal emphasized that once insolvency proceedings are initiated, management is suspended and vested in the Resolution Professional, making it impractical to address issues of oppression and mismanagement. The Tribunal highlighted the primacy of the Committee of Creditors' decisions in insolvency matters, leading to the dismissal of the petition under Section 241-242 as it would not survive the insolvency proceedings. Case-Laws Companies Law Fri, 28 Aug 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=401488