https://www.taxtmi.com/caselaws?id=445373 The NCLAT Principal Bench held that CIRP proceedings against a holding company do not bar initiation of insolvency proceedings against its subsidiary company. Following SC precedent in Jaypee Kensington case and Alok Industries, the Tribunal ruled there is no legal impediment to hearing a Section 7 application filed by an assignee bank against the subsidiary. The appeal was disposed of with directions that the earlier order keeping proceedings in abeyance would not prejudice either party, and all issues remain open for adjudication in the Section 7 application. en-us Fri, 13 Oct 2023 00:00:00 +0530 Tue, 07 Nov 2023 07:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=445373 The NCLAT Principal Bench held that CIRP proceedings against a holding company do not bar initiation of insolvency proceedings against its subsidiary company. Following SC precedent in Jaypee Kensington case and Alok Industries, the Tribunal ruled there is no legal impediment to hearing a Section 7 application filed by an assignee bank against the subsidiary. The appeal was disposed of with directions that the earlier order keeping proceedings in abeyance would not prejudice either party, and all issues remain open for adjudication in the Section 7 application. Case-Laws Insolvency and Bankruptcy Fri, 13 Oct 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=445373