https://www.taxtmi.com/caselaws?id=301615 Interim status quo protection over a corporate debtor's assets was discussed as a safeguard in insolvency proceedings where competing creditor claims and SARFAESI action existed. The Tribunal treated its inherent powers under Rule 11 of the NCLT Rules, 2016 and its jurisdiction under the Insolvency and Bankruptcy Code as enabling it to preserve assets to prevent alienation, siphoning off, or abuse of process. It also noted that counsel for the corporate debtor was present when the earlier order was passed, and that the SARFAESI notice had not completed its sixty-day course before symbolic possession was asserted. On that basis, the plea for immediate vacation of the restraint failed and the interim protection was continued. en-us Fri, 31 Dec 2021 00:00:00 +0530 Tue, 12 Apr 2022 09:12:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=301615 Interim status quo protection over a corporate debtor's assets was discussed as a safeguard in insolvency proceedings where competing creditor claims and SARFAESI action existed. The Tribunal treated its inherent powers under Rule 11 of the NCLT Rules, 2016 and its jurisdiction under the Insolvency and Bankruptcy Code as enabling it to preserve assets to prevent alienation, siphoning off, or abuse of process. It also noted that counsel for the corporate debtor was present when the earlier order was passed, and that the SARFAESI notice had not completed its sixty-day course before symbolic possession was asserted. On that basis, the plea for immediate vacation of the restraint failed and the interim protection was continued. Case-Laws Insolvency and Bankruptcy Fri, 31 Dec 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=301615