2020 (9) TMI 1036

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....chandra Rao ) In this Writ Petition, the petitioners challenged the order dt.13-02-2020 passed by the National Company Law Board, Hyderabad Bench in CP (IB) No.454/7/HDB/2018 under Section 7 of the Insolvency and Bankruptcy Code, 2016 (for short 'the Code) r/w Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (for short 'the Rules). 2. Pursuant to the sa....

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.... Section 7 of the Act. They also placed reliance on the decision of the Supreme Court in Babulal Vardharji Gurjar Vs. Veer Gurjar Aluminium Industries Private Limited 2020 SCC OnLine SC 647. 4. It is not the case of the Writ Petitioners that there is any lack of jurisdiction on the part of NCLT in entertaining the Company Petition and it has merely contended that NCLT erred in passing the impugne....

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....orporate debtor under the Code. It also held that the NCLT is competent to enquire into the allegations of fraud in the matter of the very initiation of the Corporate Insolvency Resolution process. It observed that normally the remedy of appeal to the NCLAT available under Section 61 of the Code should be availed of unless there is inherent lack of jurisdiction in NCLT for passing an order and mer....

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....plication made by the 2nd respondent therein under Section 7 of the Code seeking initiation of Corporate Insolvency Resolution process in respect of the debtor Company is barred by limitation and had declined to interfere with the order passed by the National Company Law Tribunal, Mumbai for commencement of such process which was prayed by the 2nd respondent. In the said decision, the applicabilit....