2021 (2) TMI 753

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.... ORAL ORDER (PER : HONOURABLE DR. JUSTICE VINEET KOTHARI) 1. The present intra-Court appeal arises out of the order passed by the learned Single Judge on 06.10.2010, in which, first, an interim order was passed by the coordinate Bench of this Court headed by the Hon'ble Chief Justice, by which the order passed by the learned Single Judge was stayed until further orders. The said stay order in the matter is operating for the last ten years. 2. The matter, essentially, arises out of recovery action by secured creditors and financial institutions, who extended financial help to the original borrowers / guarantors - Lalitaben Govindbhai Patel and others (Guarantors) to secure the loan given by Gujarat State Financial Corporation and othe....

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....esignated and defined as the Adjudicating Authority and thus, has all the relevant powers to deal with these issues. 5. In these circumstances, in view of the matrix of facts involved in the present case, where several of the secured creditors or financial institutions are yet to recover their amounts from the First Defaulter Company and Second Defaulter Company, the proceedings against the Second Defaulter - M/s. Shree Industries Ltd. appear to have abated by virtue of The Eight Schedule under section 252 of the IBC, 2016, by which the Sick Industrial Companies Act (Special Provisions) Repeal Act, 2003 came to be amended and which provided as under:- "In Section 4, for sub-clause (b), the following sub-clause shall be substituted namely....