https://www.taxtmi.com/caselaws?id=427336 The High Court dismissed the writ petition challenging the NCLT order directing payment to respondents, citing lack of jurisdiction to entertain the application. The Court emphasized the importance of adhering to the IBC's time-bound resolution process and the availability of the appeal remedy under Section 61 of the IBC, which the petitioners failed to utilize within the prescribed period. The Court held that the writ petition was not maintainable as a substitute for the appeal process, directing the petitioners to pursue remedies under the IBC and closing the pending applications without costs. en-us Mon, 29 Aug 2022 00:00:00 +0530 Wed, 07 Sep 2022 06:46:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=427336 The High Court dismissed the writ petition challenging the NCLT order directing payment to respondents, citing lack of jurisdiction to entertain the application. The Court emphasized the importance of adhering to the IBC's time-bound resolution process and the availability of the appeal remedy under Section 61 of the IBC, which the petitioners failed to utilize within the prescribed period. The Court held that the writ petition was not maintainable as a substitute for the appeal process, directing the petitioners to pursue remedies under the IBC and closing the pending applications without costs. Case-Laws Companies Law Mon, 29 Aug 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=427336