TaxTMI 
TaxTMI 
2021 (10) TMI 819
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....he said MA(Comp. Act)/65/CHE/2021 was taken up for hearing and disposal on 14.07.2021, the urgent hearing Comp. Appl/47/CHE/2021 stands closed. 2. MA(Comp. Act)/65/CHE/2021 is an Application filed by the Applicant under Section 242(4) of the Companies Act, 2013 read with Rule 11 and 32 of NCLT Rules, 2016 seeking relief as follows; a. To pass an order exempting the Applicant herein from servicing any loans to IL&FS in terms of the Corporate Debtor Restructuring dated 02.12.2011, pending disposal of CA/32/2010 in CP/18/2007 (now renumbered as TCP 12 of 2016) on the file of this Hon'ble Tribunal; b. Dispose of CA/32/2020 in CP/18/2007 (now renumbered as TCP 12 of 2016) on the file of this Hon'ble Tribunal expeditiously. c. Pass....
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....s, the erstwhile Company Law Board had passed an order on 06.03.2012, directing implementation of Corporate Debt Restructuring (CDR) and also stated that the issue pending in CA/32/2010 could be decided on a later date and also held that the veto rights of AIDQUA given under AoA would not be affected in any manner. Aggrieved against the said order, AIDQUA had appealed before the Madras High Court vide Company Appeal No. 7 of 2012 which came to be dismissed by a judgment dated 31.01.2014. As against the said Judgment, the AIDQUA filed an Appeal vide SLP (Civil) No. 11649/2014, converted as Civil Appeal No. 6857 of 2018 which is pending before the Hon'ble Supreme Court of India. 6. When the said fact was brought to the knowledge of this ....
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....preme Court of India. Hence the prayer as sought for by the Applicant for early disposal of CA/32/2010 is premature, since the Hon'ble Supreme Court Is seized of the said matter and yet to pass a final order in CA/47/2011 and CA/101/2011 which is interconnected with CA/32/2010. Hence the prayer as sought for in (b) stands rejected. 8. In so far as prayer (a) is concerned, the Learned Counsel for the 5th Respondent has brought to the notice of this Tribunal, an order passed by the Hon'ble NCLAT in Company Appeal (AT) No. 346 & 347 of 2018, which is passed against IL&FS Ltd. and the said order is annexed at page No. 611 to 619 of the typed set filed along with the Application. In the said order dated 15.10.2018, moratorium was impose....
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....or person or Bank or Company, etc. as of the date of first default. (v) Any and all banks, financial institutions from exercising the right to set off or lien against any amounts lying with any creditor against any dues whether principal or interest or otherwise against the balance lying in any bank accounts and deposits, whether current or savings or otherwise of the 'IL&FS' and its 348 group companies." 9. The Learned Counsel for the 5th Respondent submitted that in the present case, the moratorium passed by the Hon'ble NCLAT as against the 5th Respondent is still in vogue and as such prima facie, the relief as sought by the Applicant as against the 5th Respondent is not maintainable. Further, the 1st Respondent also suppor....