TaxTMI 
TaxTMI 
2021 (5) TMI 348
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....s Tribunal vide its order dated 11.02.2020 had dismissed the present Application for the reasons stated therein. Aggrieved against the said dismissal order passed by this Tribunal, the Applicant preferred an Appeal before the Hon'ble NCLAT in Company Appeal (AT) (Ins) No. 472 of 2020 and the Appellate Tribunal vide its order dated 20.01.2021 has remanded back the matter to admit the application filed under Section 10 of IBC, 2016. The operative portion of the order passed by NCLAT is extracted hereunder; "16. With the aforesaid, we are of the view that the existence of debt and default is established and no winding up proceedings against the appellant and appellant is not covered by the ineligibilities provided under Section 11 of the....
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....d under the Statute, more specifically in terms of Section 15, 17, 18 of the Code and file his report within 20 days before this Bench. The powers of the Board of Directors of the Corporate Debtor shall stand superseded as a consequence of the initiation of the CIRP in relation to the Corporate Debtor in terms of the provisions of IBC, 2016. 4. As a consequence of the Application being admitted in terms of Section 10 of the Code, moratorium as envisaged under provisions of Section 14(1) and as extracted hereunder shall follow in relation to the Corporate Debtor; a. The institution of suits or continuation of pending suits or proceedings against the respondent including execution of any judgment, decree or order in any court of law, tribu....
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....upted during moratorium period. (2A) Where the interim resolution professional or resolution professional, as the case may be, considers the supply of goods or services critical to protect and preserve the value of the Corporate Debtor and mange the operations of such Corporate Debtor as a going concern, then the supply of such goods or services shall not be terminated, suspended or interrupted during the period of moratorium, except where such Corporate Debtor has not paid dues arising from such supply during the moratorium period or in such circumstances as may be specified. (3) The provisions of sub-section (1) shall not apply to (a) such transactions, agreements or other arrangement as may be notified by the Central Government in ....