https://www.taxtmi.com/caselaws?id=431032 The High Court held that the National Company Law Tribunal (NCLT) lacked the authority to declare Regulation 36A of the Insolvency and Bankruptcy Board of India (IBBI) as ultra vires. The court emphasized the IBBI's power to enact regulations under the Insolvency and Bankruptcy Code (IBC) and set aside the NCLT's ruling. The court concluded that since no specific challenge to Regulation 36A was presented, the NCLT exceeded its jurisdiction. Consequently, the writ petition was disposed of, and all pending applications were resolved. en-us Mon, 28 Nov 2022 00:00:00 +0530 Mon, 05 Dec 2022 17:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=431032 The High Court held that the National Company Law Tribunal (NCLT) lacked the authority to declare Regulation 36A of the Insolvency and Bankruptcy Board of India (IBBI) as ultra vires. The court emphasized the IBBI's power to enact regulations under the Insolvency and Bankruptcy Code (IBC) and set aside the NCLT's ruling. The court concluded that since no specific challenge to Regulation 36A was presented, the NCLT exceeded its jurisdiction. Consequently, the writ petition was disposed of, and all pending applications were resolved. Case-Laws Insolvency and Bankruptcy Mon, 28 Nov 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=431032