https://www.taxtmi.com/caselaws?id=305018 The Appellate Tribunal held that the National Company Law Tribunal erred in rejecting the Appellant's application under Section 95(1) of the Insolvency and Bankruptcy Code solely due to the absence of pending proceedings against the Corporate Debtor. It was clarified that Section 60(2) only applies when proceedings against the Corporate Debtor are ongoing, and the Appellant's application was maintainable. The order of the Adjudicating Authority was set aside, and both appeals were allowed, reinstating the application before the NCLT for further proceedings. en-us Thu, 27 Jan 2022 00:00:00 +0530 Fri, 11 Nov 2022 08:59:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=305018 The Appellate Tribunal held that the National Company Law Tribunal erred in rejecting the Appellant's application under Section 95(1) of the Insolvency and Bankruptcy Code solely due to the absence of pending proceedings against the Corporate Debtor. It was clarified that Section 60(2) only applies when proceedings against the Corporate Debtor are ongoing, and the Appellant's application was maintainable. The order of the Adjudicating Authority was set aside, and both appeals were allowed, reinstating the application before the NCLT for further proceedings. Case-Laws Insolvency and Bankruptcy Thu, 27 Jan 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=305018