https://www.taxtmi.com/caselaws?id=761687 NCLAT Chennai dismissed an appeal challenging NCLT's order in insolvency proceedings. The appellant sought priority consideration of their application under section 60(5) of IB Code over another application under section 19(2). NCLAT held that since CIRP proceedings were already initiated and moratorium under section 14 was enforced, the NCLT correctly prioritized the section 19(2) application to facilitate effective CIRP conduct. The tribunal found no violation of natural justice as the appellant's counsel failed to file proper documents, justifying the ex-parte proceedings. Section 60(5) does not supersede section 19(2) provisions for CIRP effectiveness. en-us Wed, 13 Nov 2024 00:00:00 +0530 Fri, 15 Nov 2024 08:45:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=761687 NCLAT Chennai dismissed an appeal challenging NCLT's order in insolvency proceedings. The appellant sought priority consideration of their application under section 60(5) of IB Code over another application under section 19(2). NCLAT held that since CIRP proceedings were already initiated and moratorium under section 14 was enforced, the NCLT correctly prioritized the section 19(2) application to facilitate effective CIRP conduct. The tribunal found no violation of natural justice as the appellant's counsel failed to file proper documents, justifying the ex-parte proceedings. Section 60(5) does not supersede section 19(2) provisions for CIRP effectiveness. Case-Laws IBC Wed, 13 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=761687