NCLAT Dismisses Contempt Application; Finds No Fault in Section 7 CIRP Initiation for Samhita Project Under IBC Jurisdiction.

NCLAT Dismisses Contempt Application; Finds No Fault in Section 7 CIRP Initiation for Samhita Project Under IBC Jurisdiction. https://www.taxtmi.com/highlights?id=84707 NCLAT dismissed the contempt application against adjudicating authority. It held no contempt was committed in admitting section 7 application against corporate debtor's project Samhita by order dated 24.08.2023. Adjudicating authority exercised statutory jurisdiction under IBC while admitting section 7 application filed by financial creditors. Initiation of CIRP against Samhita project did not violate or disobey previous NCLAT order dated 13.01.2021. Contempt application lacked merit. en-us Thu, 09 Jan 2025 07:46:06 +0530 Thu, 09 Jan 2025 07:46:06 +0530 TaxTMI RSS Generator NCLAT Dismisses Contempt Application; Finds No Fault in Section 7 CIRP Initiation for Samhita Project Under IBC Jurisdiction. https://www.taxtmi.com/highlights?id=84707 NCLAT dismissed the contempt application against adjudicating authority. It held no contempt was committed in admitting section 7 application against corporate debtor's project Samhita by order dated 24.08.2023. Adjudicating authority exercised statutory jurisdiction under IBC while admitting section 7 application filed by financial creditors. Initiation of CIRP against Samhita project did not violate or disobey previous NCLAT order dated 13.01.2021. Contempt application lacked merit. Highlights IBC Thu, 09 Jan 2025 07:46:06 +0530 https://www.taxtmi.com/highlights?id=84707